Food and beverage company GarudaFood Putra Putri Jaya (GOOD), member of Todung Group, has set its IPO prices at Rp1,284 per share, to raise total proceeds of Rp979.48 billion. It will offer 35 million shares through the initial public offering (IPO), also to convert mandatory convertible bond (MCB) into 727.84 million ordinary shares.

Pelican Company Ltd, holder of MCB, will hold 9.86% shares in GarudaFood while public investors will only own 0.43%. Per April 2018, GarudaFood booked net sales of Rp2.9 trillion, it grew 13.6% from the same period of 2017. Its net profit also jumped 215% to Rp216.4 billion. Its assets reached Rp4.4 trillion.