JAKARTA - PT MPX Logistics International Tbk plans to conduct an Initial Public Offering (IPO). This is because it will release 400 million new shares or 20 percent of the issued and paid-up capital after the IPO.
The company set an initial bid price or book building of around Rp. 103 to Rp. 110 per share. So that the company is targeted to receive funds of around Rp. 41.2 billion to Rp. 44 billion.
MPXL President Director Wijaya Candera in an official statement, in Jakarta, Tuesday, submitted that the proceeds from the IPO after deducting securities costs, around 12.7 percent will be used to pay down payments for the purchase of a truck fleet.
He explained that the company had ordered 10 units of vehicles at the price of each vehicle and a tank carney of around Rp. 1.3 billion to increase the company's revenue.
Then, 36.9 percent of the proceeds from the IPO for the purchase of land and buildings in Banten Province to support and facilitate the company's activities.
The remaining 50.2 percent of the proceeds from the IPO for working capital, namely for the purchase of materials, operational costs, vehicle maintenance, vehicle licensing management, other office fees, payment of trade debt, and acrual repayment.
Along with the IPO, the company also issued Series I Warrants of up to 80 million Series I Warrants or the equivalent of a maximum of 5 percent of the total number of issued and fully paid shares.
Series I Warrants will be given free of charge as incentives for new shareholders, with each of the company's 5 new shareholders entitled to 1 Series I Warrant, of which every 1 Series I Warrant can be exchanged for 1 common stock.
The exercise price range is IDR 198 to IDR 368 per share, which can be implemented after 6 months since the Series I Warrant was issued, starting from November 9, 2023 to May 8, 2024.
The plan is that the public offering period will be carried out from 3 to 5 May 2023, electronic distribution on 8 May 2023, and official recording on the Indonesia Stock Exchange (IDX) will be held on 9 May 2023.
"Meanwhile, the implementation of Series I Warrants which we offer to attract investors will be used entirely for working capital, namely for the purchase of materials, operational costs, vehicle maintenance, vehicle licensing management, other office costs, and payment of trade debt," said Wijaya.
Meanwhile, acting as an underwriter company, namely PT Panin Sekuritas Tbk (PANS).
In addition to carrying out supporting transportation service activities for infrastructure, Wijaya explained that currently the company is also carrying out material trading activities, especially bulk cement and Fly Ash and Bottom Ash (FABA).
According to him, the company's future performance prospects are very good with indications of stable cement industry performance last year plus the trend of improving cement consumption has occurred since 2021 which grew by 4.3 percent after in 2020 which experienced a growth contraction of 10.7 percent on an annual basis.
"With the development of IKN, this will be a domino effect for infrastructure development to supporting facilities plus building supporting properties such as office buildings and housing, automatically this will boost national cement consumption and have an impact on the company's business," said Wijaya as well.
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