Jakarta - PT Widodo Makmur Perkasa Tbk plans to conduct an initial public offering (IPO) of 8.33 billion shares with an exercise price ranging from Rp160-220 per share.

In the prospectus published on Wednesday (27/10), Widodo Makmur targets the IPO proceeds to reach IDR 1.83 trillion.

The company will use the IPO proceeds of around 11.43% to finance the development of cooperation in export yard operations, logistics, and abattoirs in Australia, about 19.05% to finance the construction of integrated livestock facilities and corn plantations in Sumatra, Sulawesi, and Papua.

Around 19.05% for providing capital to corporate entities, approximately 17.90% for debt repayments for the company and the group, and 32.57% for working company capital, especially the purchase of raw materials.

The company appointed PT BRI Danareksa Sekuritas, PT CIMB Niaga Sekuritas Indonesia, DBS Vickers Sekuritas Indonesia and Mirae Asset Sekuritas Indonesia as implement