Jakarta - PT GTS Internasional Tbk plans to conduct an initial public offering (IPO) by issuing a maximum of 2.86 billion shares or representing 17.6% of the total issued capital.

The company's brief prospectus published on Thursday (19/8) shows the initial offering price of the IPO is Rp120-150 per share. Thus, the total value of the IPO is projected to be around Rp286 billion - Rp429 billion.

The company plans to use about 64% of the proceeds from the IPO or equivalent to US$19.2 million for loans to PT Anoa Sulawesi Regas, around 20% or equal to US$6 million for the company's working capital and 16% or equivalent to US$4.8 million for equity participation in Anoa.

The company expects this equity investment in Anoa using the proceeds from the IPO will strengthen Anoa's capital structure and working capital to contribute to consolidating the company's income stability for the next 15 years.

The company appointed PT Mirae Asset