PT Mitra Pack Sets IPO Price at Rp120 Per Share, Aims to Raise Rp96 Billion

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Trading company of machines and spare parts PT Mitra Pack Tbk with stock code PTMP has set the initial public offering (IPO) offering price at Rp120 per share. The offering will take place from February 27 to March 2, 2023.

Quoting the prospectus at the Indonesia Stock Exchange (IDX) on Tuesday (28/2/2023), the company is targeting fresh funds worth Rp96 billion and is scheduled to be listed on the IDX on March 6, 2023.

Mitra Pack is offering up to 800 million new shares or the equivalent of 25.24 percent of the company's issued and fully paid-up capital after the IPO process, and has appointed PT NH Korindo Sekuritas Indonesia as the lead underwriter and lead arranger.

The company's management explained that the funds from the IPO, after deducting the costs of issuing securities, will be used for working capital, such as increasing regular inventory of consumables, printer machines, and spare parts. Additionally, they plan to expand their customer base in the rental sector, add and develop new products, and allocate funds for marketing and promotion.

For your information, Mitra Pack recorded unaudited profits of Rp16.62 billion as of November 30, 2022, up 103.9 percent YoY from Rp8.15 billion in the same period in 2021. The company generated sales of Rp123.65 billion as of November 30, 2022, a growth of 13.21 percent YoY from Rp76.29 billion in the same period in 2021. Meanwhile, the company's cost of sales reached Rp82.61 billion as of November 30, 2022.

The company's liabilities were recorded at Rp49.84 billion as of November 30, 2022, with equity of Rp76.39 billion. Thus, the company's total assets were recorded at Rp126.23 billion as of November 30, 2022.

So far, the company has had agreements with two suppliers: a non-exclusive distribution agreement with Markem Imaje Singapore Pte Ltd and a distribution agreement with Thermo Ramsey LLC that has no affiliate relationship with the company.

Mitra Pack is engaged in the trading business as an official distributor and rental of industrial packaging equipment, including spare parts and services such as coding, marking, labeling, and product inspection systems, as well as shrink-packaging, protective packaging, food packaging, and pharmaceutical (blister) packaging through its subsidiaries.

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