Cement producer with Merah Putih brand, PT Cemindo Gemilang Tbk, plans to conduct an initial public offering (IPO) of a maximum of 2.71 billion shares or representing 15% of the issued capital.

A concise prospectus published Monday (9/8), the offering price is Rp800 per share. Thus, the total IPO value unit is a maximum of Rp2.17 trillion.

The company will use approximately 58% of the proceeds from this corporate action for working capital, 17% for payment of a portion of the principal debt from the syndicated loan, 11% for payment of part of the debt to Sinoma International Engineering Co Ltd, 8% for capital expenditure, and 6% for repayments part of the debt to PT Sinoma Engineering Indonesia.

The company appointed the managing underwriters,  Ciptadana Sekuritas Asia and Mandiri Sekuritas, while the underwriters was UBS Sekuritas Indonesia.

Meanwhile, indications of the IPO schedule are that the initial offering period will take place o