Jakarta - PT Ace Oldfields Tbk will conduct an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX), Monday (25/10).

The prospective issuer with the stock code KUAS will become the 39th listed company on the IDX this year.

"Ace Oldfields is a manufacturing company that produces tools and equipment for painting purposes located in Bogor, West Java. Established in 1996, the company is a joint-venture company between PT Ace Panbrush Industry (API), which was established in 1989, and Oldfields International Pty Ltd of Australia, the largest painting equipment manufacturer in Australia with a history dating back to 1916," said Ace Oldfields President Director Josef Kandiawan in a statement, Monday (25/10).

The company is currently one of the manufacturers of painting equipment with the largest market share in Indonesia with products produced by AOF, including paint brushes, special brushes, rolls, mini rolls, painting equipment, and