PT Master Print (PTMR), a subsidiary of food packaging producer PT Mitra Pack (PTMP), officially went public on the Indonesia Stock Exchange (IDX) on Tuesday, October 8, 2024, becoming the 35th company listed this year.
At the start of trading, PTMR’s shares opened higher at Rp172 per share, though the stock experienced fluctuations, dropping by 14.06 percent to Rp 146 per share at 09:05 AM Jakarta time.
The trading volume reached 75.09 million shares with a transaction value of Rp10.91 billion (US$700,000), and the frequency of trades totaled 8,287. As of Tuesday morning, PTMR’s market capitalization stands at Rp278.42 billion.
In the IPO, PT Master Print set the offering price at Rp128 per share, targeting to raise up to Rp55.68 billion. The company released 435 million shares, equivalent to 22.81 percent of its paid-up capital post-IPO.
According to the IPO prospectus, approximately 46 percent of the funds raised, or Rp25.09 billion, will be allocated for acquiring 247,500 shares of PT Global Putra Kusuma (GPK), which operates in various sectors including food and beverage, dairy products, toys, cosmetics, and support for small and medium enterprises (SMEs).
The acquisition involves purchasing shares from PT KUS Global Investama (197,000 shares), PT Kencana Usaha Sentosa (47,000 shares), and 2,500 shares from Cindy Kusuma.
After the acquisition, GPK plans to use 90 percent of the capital from Master Print to purchase trade inventory, machinery, equipment, and other necessary supplies.
The remaining 54 percent of the IPO funds will be used as working capital for purchasing regular inventory, such as consumables, printer machines, and spare parts. Additionally, the funds will support the development of new products and further marketing and promotional activities.
The company appointed PT Profindo Sekuritas Indonesia as its underwriter for the initial public offering (IPO).
