VKTR Officially Listed On The Indonesia Stock Exchange, Shares Opened In The Green Zone

JAKARTA - PT VKTR Mobility Technology Tbk (VKTR) officially conducted an Initial Public Offering (IPO) or the listing of its initial shares on the Indonesia Stock Exchange, Monday, June 19.

Just so you know, VKTR is the 43rd listed company on the IDX in 2023. In its initial listing, VKTR shares were opened green and experienced a 19 percent increase to level 119 from an offering price of IDR 100 per share.

Meanwhile, the transaction value reached IDR 269.65 billion with a volume of up to 22.2 billion.

"This success makes VKTR the first public company in Indonesia to specialize in the development and production of Battery-Based Electric Motor Vehicles (KBLBB) in the commercial vehicle segment, with the main products in the form of EV Bus and EV Truck," said VKTR President Commissioner Anindya N Bakrie.

Quoted from the prospectus, the company offered a maximum of 8.75 billion shares or representing as much as 20 percent of the issued and fully paid capital. VKTR also pocketed Rp875 billion in funds.

Anindya detailed that all funds obtained from the VKTR Public Offering would be strategically used.

A total of 40.29 percent will be allocated for capital expenditure or Capital Expenditure (CAPEX), which will support product development and production facilities.

Around 11.69 percent will be given to VKTR subsidiaries, namely PT Bakrie Autoparts (BA), in the form of capital participation to increase competitiveness in the electric vehicle component sector.

In addition, around 2.51 percent will be used to pay off debts to PT Tambara Tama Mandiri (TTM), and around 1.40 percent will be used to pay off debts to PT Andara Multi Sarana (AMS). The rest, of which 44.11 percent will be allocated to working capital and operations to meet VKTR's operational needs.