Property developer PT Urban Jakarta Propertindo Tbk has kicked off its initial public offering (IPO) for 600 million shares, representing 16.85% of total issued and paid up capital. Alongwith, the Company will also issue 840 million warrants, representing 32.79% of total company’s shares, This IPO is aimed for converting debts into equity.
The Company has signed the convertible loan agreement worth US$25 million (Rp13,548 per share) with Ibukota Development Ltd (IDL) and PT Nusa Wijaya Propertindo. After IPO, Nusa Wijaya will hold 71.91% shares in Urban Jakarta, IDL 11.23%, and public hold 16.85%. After warrant issue, Nusa Wijaya is set to hold 58.19% shares, IDL 9.09%, and public 32.72%.
Acting as underwriters for this IPO are PT RHB Sekuritas Indonesia and PT Sinarmas Sekuritas. The book building started on Friday last week (Nov 9) and will last in Nov 19, 2018 and the offering is scheduled for December 4-6, 2018. Listing on the Indonesia Stock Exchange (IDX) is set for December 12, 2018.
Urban Jakarta booked net profit of Rp17.5 billion in first half (H1) this year on revenues of Rp52 billion. In 2017, it booked net profit of Rp10.38 billion and revenues of Rp36 billion. The Company has assets of Rp1 trillion per June 2018 while liability amounted Rp439.5 billion.
