PT Fimperkasa Utama Tbk (FIMP) 's initial public offering was over-demand or oversubscribed up to 21 times.

President Director of PT Fimperkasa Utama Tbk Mohamad Mulky Thalib said the company had carried out an initial public offering process to the public from 1 to 6 April 2021 yesterday.

"FIMP can achieve a demand oversubscribe of up to 21 times the pooling portion in the midst of a pandemic and it is beyond management's expectations, this shows that investor interest is very high in acquiring FIMP shares," he said in Jakarta on Friday (9/4).

PT Fimperkasa Utama Tbk, engaged in the construction service industry, offers as many as 160 million new shares or 40% of the total issued and fully paid-up capital. With an initial share price of Rp 125 per share.

The company will use most of the fresh proceeds obtained from the IPO for working capital financing and heavy equipment purchases. This is done to strengthen FIMP's capital structure to achieve a consistent target revenue growth target of a minimum of 15% per year.

Projects support the company's confidence in the revenue rate. The company has obtained projects and projects on the pipeline in 2021, amounting to Rp183.8 billion.