JAKARTA (Yosefardi) – Concrete producer and construction firm PT Wijaya Karya Beton Tbk (Wika Beton), subsidiary of state construction firm PT Wijaya Karya Tbk (WIKA) kicks off its initial public offering (IPO) of 2.04 billion shares, representing 23.47% of its total issued and paid-up shares capital.
The book building will start tomorrow (March 4) while the offering is scheduled for March 26-28, 2014. Listing at stock exchange is set for April 3, 2014.
Acting as underwriters are PT Bahana Securities, PT Danareksa Sekuritas, PT Mandiri Sekuritas, and PT Sucorinvest Central Gani.
Wika Beton will use its IPO proceeds for funding business expansion (85%) and working capital (15%). It plans to build new concrete plants in South Lampung, Pasuruan, and East Kalimantan.
The company also plans to expand the capacity of its existing plants in North Sumatra, Lampung, Bogor, Karawang, Majalengka, Boyolali, and South Sulawesi.
Wika Beton booked net profit of Rp241.21 billion in 2013, Rp179.37 billion in 2012, and Rp144.42 billion in 2012. Revenue was Rp2.64 trillion (2013), Rp2.03 trillion, Rp1.63 trillion (2011). Its assets totaled Rp2.92 trillion while liability amounted Rp2.19 trillion.