Official IPO, Prima Main Main Main Andalan Core Synergy Raup Rp151 Billion Fresh Funds

Photo: Doc. PT Sinergi Inti Andalan Prima Tbk

JAKARTA - PT Sinergi Inti Andalan Prima Tbk (INET), better known as the Sinergy Networks, officially listed on the Indonesia Stock Exchange today, July 24. Through this IPO, the company is the 50th issuer listed as an open company in 2023.

The company released 1,500,000,000 new shares, representing 20 percent of its total shares, as part of the IPO process. In this effort, INET hopes to raise funds of IDR 150 billion which will be used to work on the development of business lines.

The company also issued 2.1 billion Series 1 Warrants for free for new shareholders with a 5:7 ratio. Each one waran gives its holder the right to buy a new share at an exercise price of IDR 91.

The decision to conduct an IPO is a strategic step by the Sinergy Networks to strengthen its position in the market and expand network services that are already very wide. In addition, the company is also committed to continuing to innovate and introduce the latest technology in order to provide the best service for its loyal customers.

"Based on this IPO, we are sure that we will make a new history in the world of technology and connectivity networks. This is an important moment for us and for potential investors who want to join the journey to digital Indonesia," said Muhammad Arif, President Director of INET, at a press conference.

Quoting from the INET prospectus, around Rp90 billion or 60 percent will be used by the Company to make a capital deposit to its subsidiaries, namely PFI. Around Rp30 billion or 20 percent will be used by the Company to make a capital deposit to its subsidiaries, namely DPS, and will then be used by DPS as working capital (Operational Expenditure/Opex), and the remaining 20 percent will be used for the Company's Operational Expenditure/Opex.

INET is a connectivity infrastructure company that provides local loop access, collocation, super fast internet, data center, and network management services services. The company already has a fiber optic network that includes 3,500 KM on the island of Java, with a range of up to 590 cities and more than 600 buildings.

The company also underwent partnerships with well-known companies that provide internet services such as Myrepublic, MNC Vision Network, Moratelindo, Linknet, and many hundreds of other local ISPs. The expertise of the Sinergy Networks in providing very good internet infrastructure has made it a major choice partner for various kinds of ISP service companies in Indonesia.