PT Widodo Makmur Unggas Tbk set an initial public offering price (IPO) of Rp180 per share.

Widodo Makmur Unggas plans to sell a maximum of 1,941,176,500 shares or representing 15% of the total issued and fully paid-up capital through the IPO. It expects proceeds of Rp349.411 billion from the IPO.

The brief prospectus published on Monday (25/1) shows that the company will also hold an ESA program with a maximum number of 444,230,800 shares simultaneously as the IPO. or as much as 7.5% of the shares offered in the IPO.

The company has also approved the MSOP program's implementation with a maximum amount of 7.5% of the total issued and fully paid-up capital after the IPO or a maximum of 145,588,200 shares.

The company appointed CIMB Sekuritas Indonesia, BRI Danareksa Sekuritas, and Samuel Sekuritas Indonesia as the underwriters.

The company plans to use proceeds from the IPO for the company's expansion by adding and expanding production facilities by 74.3% and 25.7% for working capital, especially for the purchase of feed mills and commercial broiler chickens, the Slaughterhouse.

The company expects to obtain an effective statement on the plan from OJK on January 22.  The public offering period is scheduled for January 25-27, 2021, and is estimated to list on the IDX on February 2, 2021.