LAJU Logistics Sets IPO Price at Rp100 per Share

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- PT Jasa Berdikasi Logistics Tbk (LAJU) has set the price for its initial public offering (IPO) at Rp100 per share. The offering period will run until January 25, 2023.

In this IPO, the company is offering 700 million shares, or 32.56% of its total capital. Additionally, the company will also issue up to 140 million Series I Warrants, which will accompany the new shares, with a nominal value of Rp25 or up to 9.66% of the total number of shares placed and fully paid at the time of the IPO.

According to the company's prospectus, "Series I Warrants will be given for free as an incentive to new shareholders whose names are recorded in the Shareholders' List on the record date."

Each holder of five new shares of the company will be entitled to receive one Series I Warrant, where each Series I Warrant gives the holder the right to purchase one new share of the company issued in the offering. The Series I Warrants have a one-year exercise period. The exercise price for the company is set at Rp175, which can be done after six months or more since the effect of the issuance, which is valid from July 24, 2023, to January 24, 2024.

The company plans to use 23.71% of the proceeds from the IPO for capital expenditure (capex). Of that amount, 57.82% will be used for the purchase of the company's assets, including Rp9.77 billion for the settlement of a 1,646 square meter land and a 224 square meter building, with a total sale value of Rp15 billion.

Additionally, Rp3.93 billion will be used as payment for a 75 square meter land and a three-storey shop house located at Ruko Prominence 38F No. 39 with an area of 210 square meters, with a total sale value of Rp5 billion.

Meanwhile, 42.18% allocated for capex will be used to purchase 25 units of Hino or Isuzu trucks, with a box type 130 HDL specification from PT Dayaguna Motor Indonesia, with an estimated cost of Rp411 billion.

The remainder of the IPO funds, 76.29%, will be used as working capital, with 97.93% allocated for operational costs, human resources, improvement and maintenance, and marketing. The remaining 2.07% will be used for technology enhancements to strengthen the tracking of cargo shipments.

It is worth mentioning that the company is a well-established provider of logistics services and is expected to see strong demand for its shares in the public offering.

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