PT Triputra Agro Persada Tbk plans to conduct an initial public offering (IPO) of up to 866.2 million shares or representing 4.36% of the issued and fully paid-up capital.

In the additional prospectus published on Thursday (1/4), the IPO exercise price is set at Rp200 per share. Thus, the company will receive fresh funds of Rp173.24 billion.

This Triputra Group business entity appointed underwriters, namely Ciptadana Sekuritas Asia and Trimegah Sekuritas Indonesia.

Meanwhile, the schedule for the public offering follows the effective date of the Financial Services Authority on 31 March 2021, the public offering period 5-6 April 2021, the allotment of 8 April 2021, the development of order money, and the distribution of shares electronically each 9 April 2021, and listing at Bei 12 April 2021.

The company plans to use around 84.28% of the proceeds from the IPO to increase equity participation in PT Agro Multi Persada and the remaining or 15.72% for working capital in the form of purchasing fertilizers.

The company's shareholders consisted of 23.24% PT Persada Capital Investama, 22.51% PT Triputra Investindo Arya, 20.74% Salween Investment Pte Ltd, 15.13% Gochean Holdings Incorporated, 14.02% PT Daya Adicipta Mustika, and the community 4.34%.