Ahead Of The IPO, Graha Mitra Asia Oversubscribed Up To 6.28 Times

JAKARTA - PT Graha Mitra Asia Tbk (RELF) recorded excess requests or oversubscribed up to 6.28 times from 1,200,000,000 shares offered.

This positive response was obtained during the public offering period which took place from June 15 to 20, 2023.

President Director of Graha Mitra Asia Tbk Ivan Darmanto said this is a form of trust and optimism for management to continue to pursue the company's high growth performance.

By the end of 2023, the company is targeting sales achievements at IDR 72 billion, and in line with the expansion strategy implemented by management, next year the company is targeting to record sales at IDR 128 billion.

"We are grateful for the enthusiasm of this extraordinary investor. We are very proud of this achievement so that it can be trusted by many investors," he said in a statement to the media, Wednesday, June 21.

The RELF public offering period has been held from June 15 to June 20, 2023.

RELF shares were listed on the Indonesia Stock Exchange (IDX) on Thursday, June 22 at an offering price of IDR 90 per share.

"With an IPO, we want to be able to continue to develop the Company for the better so that investor confidence is maintained properly," added Ivan.

As is known, PT Graha Mitra Asia, Tbk will conduct a Initial Public Offering (IPO) on June 22, 2023.

The amount of shares offered is equivalent to 20.95 percent of the paid-up capital.

The company appointed PT UOB Kay Hian as Lead Underwriter. Prior to the IPO, the majority shareholder was PT Relife Property with 24.59 percent ownership, Achmad Machlus Sadat 21.88 percent, Ghofar Rozaq Nazila 13.63 percent, PT Nusa Perkasa International 13.32 percent, PT Relife Realty Indonesia and PT Patraland Mulia Jaya totaling 11.93 percent, and PT Asia Intrainvesta as much as 2.72 percent.

Most of the funds obtained from the initial public offering will be used by the Company to carry out land acquisitions that are directly carried out as a new project for the Company.

A total of Rp56 billion or around 51.85 percent will be used to buy 4 Ha area land located in West Semplak, Kemang, Bogor.

The land will be built into residential areas with a total of about 300 houses.

Then Rp27.5 billion or 25.46 percent of the total funds will be used to buy 2,750 m2 of land in Jagakarsa, South Jakarta.

Later the land will be developed as a real estate project for Greenland Jagakarsa.

In addition to land acquisition, as much as 22.69 percent or Rp. 24.5 billion, the Company will allocate IPO funds for working capital for infrastructure development, social facilities, public facilities and the Company's operations.