Received IDR 341.7 Billion From IPO, Dharma Polimetal Owned By Conglomerate TP Rachmat Realized The Use Of IDR180.2 Billion Funds

Initial listing of DRMA shares. (Photo: Dharma Polymetal)

JAKARTA - The automotive component manufacturing company, PT Dharma Polimetal Tbk (DRMA), has realized the use of proceeds from the initial public offering (IPO) of IDR 180.2 billion. This amount is equivalent to 53 percent of the total IPO funds obtained IDR 341.7 billion.

According to the plan, the proceeds from the IPO will be used by the company owned by conglomerate TP Rachmat for expansion purposes, capital injections to subsidiaries, increasing the share of shares in subsidiaries, as well as for working capital.

"We are grateful, because so far the company has succeeded in carrying out the plan as expected," said Dharma Polimetal President Director Irianto Santoso in a written statement, quoted Wednesday, July 13.

In detail, the proceeds from Dharma Polimetal's IPO include, among others, capital expenditures of IDR 78.2 billion, capital injections to PT Dharma Precision Part and PT Dharma Controlcable Indonesia of IDR 54.1 billion, additional share ownership in PT Dharma Poliplast of IDR 30.8 billion, as well as for working capital of IDR 17.1 billion.

In the IPO which was held in December last year, the automotive component manufacturing company owned by the Triputra Group managed to raise funds of IDR 352.9 billion from the sale of 705.88 million shares or 15 percent of the total issued and fully paid capital.

As additional information, in the first quarter of this year, the company managed to book a net profit for the year of IDR 116.9 billion, more than doubled from IDR53.4 billion in the same period in 2021.

As for net sales, the company posted IDR 915.8 billion, grew 36 percent from IDR675.6 billion in the same period the previous year.