PT Falmaco Nonwoven Industri Tbk plans to conduct an initial public offering (IPO) of up to 156,250,000 shares or 20% of the issued and paid-up capital after the IPO.

Based on the brief prospectus published on Tuesday (29/6), the offering price is Rp200 per share. Thus, the company will raise fresh funds of around Rp31.25 billion.

The company plans to use 41.43% of the proceeds from the IPO for the company's capital expenditure needs, 18.83% to pay off some bank loans, and the remaining 39.74% for the company's working capital needs in order to purchase raw materials.

The company appointed PT Victoria Sekuritas Indonesia and PT Wanteg Sekuritas as underwriters for the IPO issuance.

The schedule for the public offering is the effective date on June 28, 2021, the public offering period on 30 June-5 July 2021, allotment on July 6, 2021, distribution of shares and subscription money on July 7, 2021, respectively, listing on the Indonesia S