PT Berkah Beton Sadaya Tbk (BEBS) will conduct an initial public offering (IPO) with a target of Rp200 billion in fresh funds.

The procession for the initial listing of its shares on the Indonesia Stock Exchange is held today, on Wednesday (10/3).

Based on the company prospectus submitted on the IDX, PT Berkah Beton Sadaya Tbk will offer 2 billion shares or the equivalent of 22.22% of the company's issued and paid-up capital after the IPO.

The share offering price is set at Rp100 per share, so the company has the potential to get as many fresh funds as Rp200 billion in this corporate action.

The company plans to use around 53.67% of the IPO proceeds to purchase one plot of land covering an area of ​​74,045 square meters with a transaction value of  Rp103 billion. Meanwhile, 46.33% of the IPO funds will be used for capital expenditures.

PT Mirae Asset Sekuritas Indonesia securities acted as the underwriter, and PT Adimitra Jasa Korpora provided the public offering booth.

PT Berkah Beton Sadaya Tbk is engaged in the infrastructure support sector by producing ready-mix and precast concrete. The company was founded in January 2019 and is based at Jalan Raya Sembung Pagaden KM 9,5 Gunungsari, Pagaden, Subang, West Java.