CBDK Reveals IPO Funds To Accelerate CBD PIK 2 Development

Photo: (Doc. Indonesia Stock Exchange)

JAKARTA - PT Bangun Kosambi Sukses Tbk (CBDK) officially listed its shares on the Indonesia Stock Exchange (IDX) by conducting an Initial Public Offering (IPO).

CBDK offers as many as 566,894,500 regular shares in the name or as much as 10 percent of the issued and paid-up capital with a nominal value of Rp20 per share.

The final price set by the Company is IDR 4,060 per share and managed to raise funds of IDR 2.3 trillion.

Based on E-IPO data, CBDK appointed PT Trimegah Sekuritas Indonesia Tbk as an underwriter and there were oversubscribed around 344.28 times, with around 168,874 investors participating in this stock offering.

CBDK President Director Steven Kusumo stated that the main goal of the IPO is to raise funds from the community to accelerate the development of CBD PIK 2 in general and specifically build the Nusantara International Convention and Exhibition (NICE) which is part of the Meetings, Incentives, Conventions, and Exhibition (MICE) to complement the ecosystem in CBD PIK 2.

"NICE is built on a land area of approximately 19 hectares and is designed as a strategic element that complements the PIK 2 CBD ecosystem with an increase in the convention center area and an exhibition of around 120,000 m2," he explained, Monday, January 13.

According to Steven, the plan to use funds obtained from the results of the public offering to make participation in the form of equity to the Company's Affiliate, namely PT Industri Pameran Nusantara (PT IPN).

Steven said that the funds obtained from the issuance of this new stock will be used by PT IPN to finance the building construction project for MICE purposes.

Steven hopes that this project can start operating partially in September 2025, so that it can also enliven the industrial sector of the convention center and archipelago exhibition.

Meanwhile, Director of PT Trimegah Sekuritas Indonesia Tbk David Agus explained that CBDK's strong financial performance was accompanied by the potential of future projects to support CBDK's decision to take the floor on the IDX.

David said that CBDK will continue to grow and have great opportunities in the future. The NICE that is being built will also be a support for the CBD PIK 2 area that has been owned by CBDK.

"CBDK is the right investment option for investors who prioritize sustainable business growth with an increasing portion of recurring income," he explained.

David explained that the use of funds from the IPO will be used by CBDK to invest in PT IPN, the target of subsidiaries is currently building a NICE, one of the largest convention centers and exhibitions in Indonesia that can generate first recurring income for CBDK.

To note, CBDK also has a variety of superior products that are sold with thematic innovations that are being marketed.

The concept of CBD PIK 2 is equipped with office areas, namely the Sharia Tower, SOHO The Bund, SOHO Manhattan, Manhattan Residence, and SOHO Wallstreet.

The CBDK subsidiaries also have other projects, namely Rukan Petak Sembilan, Rukan Milenial, Ruko Little Siam, Rumah Milenial, Permata Hijau Residence, Rukan Asia Afrika, and Bizpark PIK 2 which are currently the attraction of PIK 2.

Before taking the floor on the stock exchange, CBDK recorded total assets of IDR 18.5 trillion in accordance with financial reports as of September 30, 2024.

Meanwhile, CBDK's total liabilities amounted to Rp10.4 trillion, which amounted to Rp9.6 trillion, an impact account to book installments or payments from customers, and total equity was recorded at Rp8.1 trillion before the IPO funds were received.

On the other hand, CBDK also recorded a zero net debt that reflects the Company's readiness in a financial manner to optimize future business opportunities.

Meanwhile, in terms of revenue, CBDK managed to achieve IDR 1.6 trillion as of September 30, 2024.

In addition, until September 30, 2024, CBDK has a consolidated land bank of approximately 728 hectares located at PIK 2, Tangerang Banten.