Jakarta - PT Dayamitra Telekomunikasi Tbk is targeting to raise funds through an Initial Public Offering (IPO) of Rp24.90 trillion.

In the prospectus published on Tuesday (26/10), Mitratel will issue 25.54 billion new shares with an exercise price of around Rp775-075 per share.

The company plans to use the funds raised through this corporate action around 90% for Mitratel's capital expenditure and the rest for working capital and other needs.

Mitratel appointed PT BRI Danareksa Sekuritas and Mandiri Sekuritas as underwriters for the issuance.

In the framework of the IPO plan, Mitratel uses its financial statements ending in June 2021. The company recorded a comprehensive profit for the current year at Rp701.8 billion, revenue to Rp3.22 trillion.

Mitratel's total assets reached Rp32.25 trillion with liabilities of Rp18.57 trillion and equity of Rp13.68 trillion. Meanwhile, the position of cash and cash equivalents at the end o