Jakarta - Officially listing its initial shares on the Indonesia Stock Exchange (IDX), PT Cemindo Gemilang Tbk (CMNT) proceeds Rp1.17 trillion from the initial public offering (IPO).

Producer of cement with the brand 'Merah Putih' released 1.72 billion shares or equivalent to 10.04% of the company's issued and fully paid capital after the IPO. The new shares are offered at a price of Rp680 per share, bringing the total IPO funds raised to around Rp1.17 trillion.

CMNT Vice President Director Vince Erlington Indigo said, "We are very grateful, despite the unstable global and domestic conditions due to the COVID-19 pandemic, the public offering process as a whole has gone smoothly.

"The high level of public enthusiasm for the CMNT IPO also shows the public's high trust and expectations for the capital market in Indonesia in general and CMNT's business prospects in particular," he said in a statement on Wednesday (8/9).