PT Zyrexindo Mandiri Buana Tbk has secured an effective license for the initial public offering (IPO) from the Financial Services Authority (OJK) on March 17, 2021.

Referring to the brief prospectus published on Thursday (18/3), Zyrex plans to sell 333,333 million shares, representing 25% of the paid-in capital and placed in the company. The IPO price is set at Rp250 per share, so the fresh funds obtained are estimated at Rp83.33 billion.

The company plans to use around 42 percent of the proceeds from the IPO to pay off purchases of offices, buildings, and factories that the company is currently using, located in DKI Jakarta, and 58 percent as working capital.

Zyrex entrusts the IPO underwriters to BNI Sekuritas and Mirae Asset Sekuritas.

Furthermore, the public offering period will occur on March 19-24, allotment of March 26, the return of excess money for orders and distributions respectively March 29, the listing of shares and warrants I on the IDX March 30.