The new issuer, PT Fimperkasa Utama Tbk, is eyeing an Rp183.8 billion project after the company officially conducted an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) on Friday (9/4).

President Director of Fimperkasa Utama Mohamad Mulky Thalib said that his party had obtained a pipeline project in 2021, which is believed to spur the company's revenue rate 15% annually.

"The company's confidence in the rate of revenue is supported by projects that have been obtained by the company and the company's 2021 project on the pipeline which has reached a total of around Rp183.8 billion," said Mulky.

These projects include the 2x3.5 MW PLTM Besai Kemu Development Project, the land clearing work project (cut & fill), and residential units in Ciangsana Bogor and Condet, East Jakarta.

To strengthen the capital structure and achieve FIMP's revenue growth target, the issuer will use the fresh funds obtained to finance working capital and purchase heavy equipment.

The new issuer will use fresh funds, around 42.5% for working capital and 40% for heavy equipment purchases, to support cut and fill business activities. The remaining 17.5% is earmarked for repayment of part of the company's loan principal.