JAKARTA (Yosefardi) – Fastener manufacturer PT Garuda Metalindo Tbk plans to offer 468.75 million shares through the initial public offering (IPO), representing 20% of its total issued and paid up shares capital, priced at Rp550 to Rp800 per share.
Currently, the company is not only manufacturing Spring Center Bolt and Spring U Bolt for trucks in Indonesia, but also manufacturing a variety of bolts and nuts in the diameter range of 2 mm – 33 mm and also various type of automotive components for 2 wheel and 4 wheel.
Garuda Metalindo currently based in two locations, in Kapuk and Tangerang, with combined annual production capacity of 42,000 tons.
Garuda Metalindo has assigned PT RHB OSK Securities Indonesia as sole lead underwriter for the IPO. The proceeds of IPO will be used to pay debts (52%), to fund the capital expenditure (28%), and working capital (20%).
The bookbuilding started yesterday (June 11) and will last in June 18, 2014. While the offering is scheduled for June 29-30, 2015. The listing is targeted for July 7, 2015.