ULOG: 22 "Official IPO, Satria Antaran Prima shares rose 49.6 percent"
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PT Satria Antaran Prima Tbk (SAPX) officially took the floor on the Indonesia Stock Exchange (IDX) this morning, Wednesday (3/10). The company with the SAP code is the 38th issuer to offer initial shares or initial public offerings (IPOs) at this year's exchange.
SAPX President Director Budiyanto Darmastono said, the IPO was a historic moment as well as the beginning for the company to be fully committed as a company that continues to grow in the future.
"Thank you to the Financial Services Authority (OJK) and the Stock Exchange and all stakeholders who help the company to get IPOs and investors as well. The age of only 4 years is important for the company to go public," he said at the IDX Building.
IDX Director of Corporate Valuation, I Gede Nyoman Yetna hopes that the company can build good relationships with all existing stakeholders.
"This is the 38th company listed on the IDX. This is a special moment for companies from private companies to become public companies. This needs a clear commitment and vision for the company in the future. Hopefully it can continue to innovate," he said.
In this initial listing, the company's shares rose 124 points or 49.6 percent to a level of Rp 374 from the IPO price of Rp 250. SAP shares were traded 1 time with a volume of 1 lot and resulted in a transaction value of Rp 37.4 million.
In this IPO, the company will use 61.5 percent of the IPO funds to repay the company's loan, which is a convertible bond issued in 2016. The company will repay the loan even though it is due in 2021.
Meanwhile, the remaining IPO funds of 38.5 percent will be used by the company for working capital. Until 2019 the company plans to build 1,000 new outlets, most of which will be built in Java. Currently, the company already has 200 outlets spread throughout the province.
In 2018, the company targets revenues of up to Rp 250 billion, with many new customers from e-commerce such as JD.ID and Zalora. The company also targets an increase in revenue greater than the National Online Shopping Day (Harbolnas).
In this corporate action, the company appointed PT RHB Sekuritas Indonesia PT Artha Sekuritas Indonesia, PT KGI Sekuritas Indonesia, PT NH Korindo Sekuritas Indonesia and PT Onix Sekuritas as guarantor of the issuance of securities.
This post was made from https://ulogs.org