5 December 2019 (closed)
USD/IDR (14,037) -57.00 -0.40%
EUR/IDR (15,593) -28.80 -0.18%
Jakarta Composite Index (6,152.12) +39.24 +0.64%
Grand Kartech, an Indonesian engineering and manufacturing company, will be listed on the Indonesia Stock Exchange (IDX) today (08/11). The company offers 163.64 million shares to the public through its initial public offering (IPO). The stock price that was set for the IPO amounts to IDR 275 (USD $0.024) per share and the company expects to reap IDR 45 billion (USD $4.0 million) through this corporate action. Demand for Grand Kartech's shares has been high as the IPO is oversubscribed almost 44 times.
Funds that are gained through the IPO will be used to build a new factory as well as for the purchase of new machinery. Currently, the company already owns three factories: two in Pulo Gadung (East Jakarta) and one in Karawang (West Java). The new factory, expected to be operational by the end of 2014, will also be located in Karawang.
Grand Kartech manufactures various sorts of boilers (including packaged boilers, coal boilers, and biomass boilers), oil and gas processing equipment, power generators, and provides after sales services for steam generators, heat exchangers, piping, and more.
Companies that act as underwriters for the offering are Andalan Artha Advisindo Sekuritas and Investindo Nusantara Sekuritas. The listed company code of Grand Tech on the Indonesia Stock Exchange is KRAH.