Frozen shrimp producer PT Panca Mitra Multiperdana (PMMP) has set its IPO price at Rp800 to Rp1100 per share, to raise total proceeds of Rp685.7 billion to Rp942.3 billion. It will offer 857.14 million shares, representing 30% of its total issued and paid-up capital, through the initial public offering (IPO). The offering is scheduled for May 28-31, 2018 while listing on the Indonesia Stock Exchange (IDX) is set for June 7, 2018.
PMMP will use 80% of IPO proceeds for working capital and 20% for capital expenditure (capex). It needs fund for building a mini plant in Central Java and in Sumbawa. For this year, the Company targets to produce 20,000 frozen shrimp products, from current 10,000 capacity.