PT Archi Indonesia Tbk projects that the funds raised through an initial public offering (IPO) are worth Rp2.79 trillion.

In the brief prospectus published Monday (21/6), Archi issued a maximum of 3.725 billion common shares representing 15% of the issued and fully paid capital after this IPO. The exercise price is set at Rp750 per share.

The issuance of 3.725 billion shares consisted of 1.24 billion new shares and 2.48 billion old shares owned by PT Rajawali Corpora.

The IPO underwriters were entrusted to BNI Sekuritas, Citigroup Sekuritas Indonesia, Credit Suisse Sekuritas Indonesia, Mandiri Sekuritas, and UOB Kay Hian Sekuritas.

The company plans to use around 95% of the proceeds from the IPO to pay off part of the principal of the bank's debt, and the rest will be used by the company, PT Maeres Soputan Mining, and PT Tambang Tondano Nusajaya to finance operational activities.

The effective date for the IPO has been received o