PT Panca Anugrah Wisesa Tbk (MGLV) was officially listed on the Indonesia Stock Exchange (IDX) and became the 18th listed company on the IDX this year.

President Director of PT Panca Anugrah Wisesa Tbk Dennis Rahardja said the public's enthusiasm for the IPO of MGLV on the IDX was very high.

"This can be seen from the excess demand or oversubscribed by more than 200 times in the public offering that was carried out from May 31, 2021 to June 2, 2021," said Dennis, Tuesday (8/6).

Through an initial public offering (IPO), Panca Anugrah Wisesa released 400 million shares, equivalent to 21.05% of its issued and paid-up capital after the IPO. The shares were offered at a price of Rp135 per share, so that Magran Living pocketed a total of Rp54 billion in fresh funds.

Based on the IPO prospectus, after deducting issuance costs, 88.51% of the IPO funds will be used for working capital in the form of inventory purchases and marketing activ