Most of Bank Artos' shares - approximately 74.8 percent of the total - that were offered to the public were bought by retail investors. The remaining 25.2 percent were purchased by corporate investors. The IPO was oversubscribed 2.27 times, reflecting a positive response from the market despite severe volatile behavior over the past few days.

The management of Bank Artos Indonesia said 14 percent of proceeds generated through the IPO will be used to develop the company's information technology (IT) department. The remaining 86 percent will be used for credit expansion (loan disbursement).

After the successful IPO, the management of Bank Artos targets to see a 20 percent growth (per year) of third-party funds, assets, net interest margin, and credit growth. The bank focuses on loan disbursements to Indonesia's small and mid-sized companies.

Bank Artos' total assets stood at IDR 730.2 billion as of June 2015, while its third-party funds stood at IDR 562.5 billion and outstanding loans and net profit reached IDR 488.8 billion and IDR 552 million, respectively. By 2018, the bank wants to see its assets at IDR 1.1 trillion, third-party
funds at IDR 825.9 billion, loan disbursement at IDR 826.3 billion, and net profit at IDR 10.8 billion.

Erdikha Elit Sekuritas and Bina Artha Parama had been appointed as underwriters for the IPO.

Stock Quote Bank Artos Indonesia: