Officially IPO, Graha Mitra Asia Raises Fresh Funds Of IDR 108 Billion

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - PT Graha Mitra Asia Tbk or RelifeAsia officially listed its initial public offering (IPO) on the Indonesia Stock Exchange (IDX). This property company won IDR 108 billion which will be used to develop real estate and housing projects.

RELF President Director Ivan Darmanto said the issuer coded RELF offered as many as 1.2 billion shares or equivalent to 20.95 percent of the total capital and paid-up after the IPO, with a public offering price of Rp90 per share.

He explained that the IPO proceeds of Rp27.5 billion or 25.46 percent will be used to purchase 2,750 square meters of land in Jagakarsa, South Jakarta, which will be developed as the Greenland Jagakarsa real estate project.

Then, amounting to Rp56 billion or around 51.85 percent to buy four hectares of land, located in West Semplak, Kemang, Bogor, which will be built into around 300 houses.

The remaining Rp24.5 billion or equivalent to 22.69 percent for the company's working capital. "We plan to obtain a Green Building certificate, with the Excellent In Design For Greater Efficiency type on some of our building types." Ivan said quoting Antara.

Ivan said RELF's efforts were in line with the company's vision of carrying home the Green Urban Living concept, which is a practice of creating a community that is beneficial for humans and the environment.

"We are doing this effort as a commitment to environmental sustainability," said Ivan.

Simultaneously, RELF also published 1.2 billion Series I Warrants accompanying new shares or 26.50 percent, of the total issued and paid-up capital.

Series I Warrants are given free of charge as incentives for New Shareholders, whose names are listed in the Register of Shareholders on the Deposit Date.

Each New Shareholder of the Company has the right to receive a Series I Warrant, of which every 1 Series I Warrant gives its holder the right to buy a new share of the Company issued in the portfolio.

Graha Mitra Asia currently has a Greenland Kemang project located in Bogor, West Java, with a selling price ranging from IDR 600 million to IDR 1.2 billion, which was built on an area of 13 Hectares (Ha), with a total of approximately 1,000 housing units divided into five cluster units, including Greenbelt, Samanea, Regia, Casia and Carbera clusters.

Currently, the company has launched clusters Regia and Kasia, which projects that have started opening in 2021 have sold more than 150 housing units. In addition, the company also has a 1.5 Ha land bank which in the future has the potential to be developed as a commercial area and apartments.

During 2022, RELF's revenue increased by 831.5 percent year on year (yoy) to Rp18.35 billion, from the previous Rp1.97 billion in 2021, supported by the Greenland Kemang housing project which only started in mid-2022.