PT Triputra Agro Persada Tbk plans to conduct an initial public offering (IPO) of up to 925 million shares, representing 4.65% of its issued and paid-up capital.

The company prospectus published on Thursday (18/3) states that the company has appointed an underwriter to PT Ciptadana Sekuritas.

As for the proceeds from the IPO, the company will allocate 79% of which to increase the equity participation in a subsidiary PT Agro Multi Persada and around 21% for the company's working capital in the form of purchasing fertilizers.

In the framework of the IPO, the company uses a financial statement book ending in September 2020. In September 2020, the company recorded sales increased by around 21.8% to Rp3.56 trillion, compared with that in the same period last year of Rp2.92 trillion.

Along with sales, the company posted a net profit of around Rp. 244.394 billion from the previous loss of Rp. 98.788 billion.

Meanwhile, the company's total assets reached Rp11.95 trillion by the end of September 2020, consisting of Rp. 5.99 trillion in equity and Rp5.97 trillion in liabilities.

Meanwhile, the initial offering period will take place on March 18-19 and March 22-25, estimated effective date March 31, public offering period April 5-6, April 8, allotment, the refund of excess orders and distribution April 9, and listing on the IDX April 10, 2021.