JAKARTA (Yosefardi) – PT Sido Muncul, one of Indonesia’s largest herbal medicine makers, plans to launch the initial public offering (IPO) in fourth quarter of this year.
PT Kresna Graha Sekurindo Tbk acts as underwriter for the IPO. The IPO proceeds will be used to fund the plant development and working capital.
Curently Sido Muncul focuses its business in Java, Sumatra, and Kalimantan. The company intends to expand into eastern part of Indonesia such as Makassar, Papua, Maluku, and East Nusa Tenggara (NTT).
Earlier Sido Muncul said it plans to raise up to Rp 1.5 trillion ($153 million) from the IPO. It plans to sell 10-20% of its enlarged capital in the offering.
Semarang-based SidoMuncul was established in 1951, according to the company’s website.
It operates a 29-hectare factory in the Central Java capital producing herbal products such as Jamu Tolak Angin, a traditional cold medicine, and Kuku Bima Ener-G, an energy drink, according to its website.