PT Adiwarna Anugerah Abadi (NAIK), a company specializing in fire protection systems trading and services, has announced its initial public offering (IPO) on the Indonesia Stock Exchange (IDX).
The company plans to release up to 750 million shares, accounting for 23.08 percent of its paid-up capital post-IPO, with an initial offer price between Rp100 and Rp107 per share.
The IPO is expected to raise a maximum of Rp80.25 billion (US$5 million). PT MNC Sekuritas will act as the lead underwriter for this offering.
In addition to shares, Adiwarna Anugerah Abadi will issue up to 375 million Series I Warrants, which represent up to 15 percent of the company’s fully paid shares.
Each Series I Warrant will allow the holder to purchase one share at an exercise price of Rp135, potentially adding Rp50.62 billion in funding.
According to the company’s prospectus, net proceeds from the IPO, after deducting issuance expenses, will be allocated as working capital.
This will include purchasing primary and supporting materials, consumables, and covering employee wages, overtime, accommodation, and mobilization.
Funds raised through Series I Warrant exercises will also be designated for similar working capital purposes.
Adiwarna’s latest financial statement showed a net profit of Rp13.18 billion as of December 31, 2023 − a 23.71 percent increase from Rp10.65 billion in the previous year.
To attract investors, Adiwarna plans to distribute dividends at least once a year, with up to 30 percent of its net profit for fiscal year ending December 31, 2025, contingent on cash flow.
IPO Timeline for Adiwarna Anugerah Abadi:
- Initial Offering Period: October 22–24, 2024;
- Effective Date: October 31, 2024;
- Public Offering Period: November 4–6, 2024;
- Allocation Date: November 6, 2024;
- Share Distribution Date: November 7, 2024;
Listing Date on IDX: November 8, 2024.
