PT Nusa Palapa Gemilang Tbk (NPGF) stated that its initial public offering (IPO) was oversubscribed by 3.97 times the shares offered.

"During the public offering period on March 31 to April 7, 2021, Nusa Palapa Gemilang shares received positive interest from investors, where the amount of incoming demand was oversubscribed by 3.97x the total number of share offerings offered in this IPO," he said. Head of Corporate Finance of PT UOB Kay Hian Sekuritas, the underwriter for the company's securities issuance, in Jakarta, on Wednesday (14/4).

Furthermore, the company receives fresh funds from the IPO amounting to Rp64.8 billion, in which the funds raised 82% will be used for land acquisition, 17% will be used to pay off the purchase of production machines, and the company will use the rest for working capital, namely the purchase of production raw materials.

"We believe that the business expansion plan funded from the IPO proceeds will have a positive effect on the sustainability and prospects of the company's business in the future," said Daud.

Meanwhile, President Director of Nusa Palapa Gemilang Uus Sudianto said the company's move to take the floor on the stock exchange through an IPO was part of a strategy to increase funding capacity and improve governance so that it will be even better in the future.

"The company's performance as of September 2020 has recorded positive revenue growth even though the Covid-19 pandemic has spread globally. The company remains optimistic that the current business prospects will still be positive in the future," he said.