Jakarta - PT Prima Andalan Mandiri Tbk set an initial public offering (IPO) price of Rp1,420 per share.

Based on a brief prospectus published Tuesday (31/8), Prima Andalan Mandiri will offer a maximum of 335.56 million new shares or representing 10% of the company's paid-in capital.

Thus, the company will receive proceeds from the IPO amounting to Rp504.89 billion.

The company plans to use the proceeds from the IPO of around Rp441 billion to purchase rice equipment to support production, and the remainder to be used as working capital in the form of a capital deposit to PT Mandala Karya Prima for payment of accounts payable and operational costs.

In this corporate action, the company appointed Buana Capital Sekuritas as the underwriter to issue securities.

Meanwhile, the IPO implementation schedule is the effective date from OJK on August August 30, 2021, the public offering period is September 1-3, 2021, allotment is September S