PT Nusa Palapa Gemilang Tbk plans to conduct an initial public offering (IPO) of up to 648,047,200 new shares or 20% of its issued and fully paid-up capital.

Based on the brief prospectus published on Tuesday (30/3), the company set the IPO price at Rp100 per share. Thus, the total IPO value is around Rp64.80 billion.

To realize this corporate action, Nusa Palapa Gemilang entrusts the underwriter of the securities to UOB Kay Hian Sekuritas.

Meanwhile, the implementation schedule is effective March 29, 2021, and the public offering period will take place on March 31-April 7, 2021, share allotment April 9, 2021, development of order money and distribution of shares electronically April 13, 2021, the listing of shares on the IDX April 14, 2021.

The company plans to use around 82% of the proceeds from the IPO to acquire land located at Jalan Raya Surabaya-Mojokerto KM 39, as much as 17% or Rp10.15 billion for the purchase of production machines, and the rest for the purchase of production raw materials.