Jakarta - PT Aman Agrindo Tbk targets to raise funds from the initial public offering (IPO) of around Rp53.51 billion to Rp64.22 billion.

Citing the company's prospectus published on Friday (6/24), the company will issue 214.07 million shares with a price range of Rp250-300 per share.

The company plans to use about 23% of the proceeds from the IPO for capital expenditures such as the construction of a brown sugar factory and other facilities, around 57% for capital expenditures such as the purchase and installation of brown sugar production machines, and the rest for working capital.

During the IPO, the company appointed UOB Kay Han Sekuritas as the underwriter for the issuance.

The offering period will take place on 23-29 June 2022, with an effective estimate from the OJK on 8 July 2022, the public offering period on 12-18 July 2022, and listing on the IDX on 20 July 2022.