PT PP Presisi, subsidiary of state construction firm PT PP (PTPP), downsized its IPO, to 2.35 billion shares, representing 25% of total issued and paid-up capital, from initial plan of 4.24 billion (35%) and set its price at Rp430 per share. Then, the Company would raise total IPO proceeds of Rp1.01 trillion. PP Presisi will use 70% of IPO proceeds for funding its capital expenditure (capex) and the balance (30%) for working capital. For this year, PP Presisi allocates capex of Rp1.8 trillion.
