PT Ulima Nitra Tbk (UNIQ) proceeds Rp35.4 billion in fresh funds from an electronic initial public offering (IPO) of shares or e-IPO.

Ulima, engaged in equipment and contractor loan services, especially in mining, oil, gas, and construction, is the first company to implement a share book building and e-IPO system in Indonesia.

The company has appointed PT Surya Fajar Sekuritas to acts as the underwriter.

Steffen Fang, President Director of Surya Fajar Sekuritas,   said, during the offering period, the total incoming orders reached 3.9 times the number of shares offered or oversubscribed by 2.9 times the total offering. Meanwhile, specifically for pooling, oversubscribed reached approximately 290 times the number of pooling portions offered.

"The high public interest in the company's public offering is supported by the company's strong fundamentals, positive economic growth expectations, and a supportive business sector. Also, the high interest is supported by better investor access to order shares through the electronic public offering process, which is the first to be conducted in Indonesia," he said after listing on the Indonesia Stock Exchange (IDX) in Jakarta Monday (8/3).

When it debuted on the IDX floor, UNIQ's shares strengthened to the point of auto rejecting (ARA) or 41 points (34.75%) to Rp159 per share. This makes UNIQ's market capitalization value of Rp499.10 billion.

President Director of Ulima Nitra, Burhan Tjokro, said, despite the pressured global and domestic economic conditions due to Covid-19, the book-building process and its public offering of shares went smoothly. The company is the first company to run an electronic e-book building and IPO system in Indonesia.

"Also, the high public enthusiasm for the company's IPO shares shows the high public trust and expectations for the capital market in general and in particular on the company's business prospects," he said.

In this IPO action, Ulima Nitra is the 8th issuer in 2021 to carry out an initial listing.

The company released 300 million shares or equivalent to 9.56% of the issued capital. The exercise price is set at Rp118 per share, bringing the total funds raised to Rp35.4 billion.