PT Sunter Lakeside Hotel Tbk plans to conduct an initial public offering (IPO) of 150 million shares at a price of Rp150 per share.

Referring to the publication of the Indonesian Central Securities Depository published on Tuesday (23/3), Sunter Lakeside is estimated to have raised Rp22.5 billion in fresh funds.

The company has also obtained an effective statement from the Financial Services Authority on March 18, 2021. The public offering period will take place on March 19-23,  the allotment of March 25, the electronic refund of the order and distribution of shares each lasted March 26, as well as the listing on IDX March 29, 2021.

The company has appointed PT Victoria Sekuritas Indonesia as the underwriter for the IPO plan.

Sunlake Hotel plans to use all the proceeds from the IPO for hotel development, which is carried out in stages according to the company's business strategy.