Bandung-based PT Hartadinata Abadi Tbk, a producer of accessories, today kicks off its initial public offering (IPO) for 1.5 billion shares, representing 30% of its total issued and paid-up capital. The bookbuilding will start Wednesday (May 10) and to last to May 24, 2017. The offering is scheduled for June 12-14, 2017 while listing at stock exchange is set for June 20, 2017. The Company will use 50% of IPO proceeds for working capital and 50% for paying debt. Its liability amounted Rp501.8 billion as at December 2016. Hartadinata booked net profit of Rp30 billion in 2016 on sales of Rp2.19 trillion. Acting as underwriters for IPO are Mandiri Sekuritas, MNC Sekuritas, and RHB Sekuritas Indonesia. Current shareholders of Hardinata are PT Terang Anugrah Abadi that controls 96% and Ferdy Wijaya who owns 3.93%.