Property developer Trimitra Propertindo (Trimitraland) has today kicked off its initial public offering (IPO) for 773.3 million shares representing 27.69% of its total issued and paid-up capital. The book building starts today and will last in July 30. The offering is scheduled for August 10-14, 2018 and the listing on stock exchange (IDX) is set for August 23, 2018. PT UOB Kay Hian Sekuritas acts as underwriter for this IPO.
Current shareholders of the Company are PT Graha Mulia Indotama (51%) and PT Tridaya Bangun Cipta (49%). Trimitraland will use IPO funds for paying bank debt (16%), funding Tower II Project (66%), and workign capital (18%).
Trimitraland has assets of Rp414.7 billion per March 2018 while liability amounted Rp185.5 billion. It booked net profit of Rp12.7 billion in 2017 on revenues of Rp63.49 billion. It focuses on developing apartment units and small office home office (SOHO).