The Mining service and mining equipment leasing company, PT Ulima Nitra Tbk, plans to hold an initial public offering (IPO) of up to 300 million shares or the equivalent of 9.56% of the issued and fully paid capital.

Referring to the company's publication on Monday (1/3), the IPO price is set at Rp118 per share. The company expects to obtain the total fresh funds of Rp35.4 billion.

The company plans to use the proceeds from the IPO for working capital (operating costs).

In addition to conducting an IPO, the company also held an ESA program by allocating 9.626 million shares or 3.21% of the shares offered.

Along with the IPO, the company will also issue new shares in implementing the conversion of a money agreement with a conversion option worth Rp40 billion by PT Surya Fajar Capital, totaling 233,050 and PT Surya Fajar Corpora totaling 105,932 million shares. The companies will exercise the conversion at the time of the allotment, or the entire amount is equivalent to 10.80% of the total paid-up capital.

The company has picked PT Surya Fajar Sekuritas as the underwriter for the IPO.

Meanwhile, the company schedules the IPO,  effective date on February 26, 2021, the public offering period March 2-4, the allotment of March 4, electronic distribution of shares on  March 5, and listing on the IDX on March 8.