JAKARTA, NNC - PT Garudafood Putra Putri Jaya Tbk (IDX:GOOD), one of the leading food and beverage companies in Indonesia, today successfully listed its Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX) and obtained funds to increase share capital of IDR979.48 billion. The initial price of GOOD shares was set at IDR1,284 per share.
Garudafood President Director Hardianto Atmadja said this IPO was part of Garudafood's plan to strengthen working capital to run business expansion as a long-term business strategy.
"We are grateful for the support and cooperation from the government, regulators, underwriters and Indonesian capital market supporting professionals and institutions, business partners and investors who have realized Garudafood's dream of becoming a public company. We are the 44th listed company with an IPO in 2018 on the Indonesia Stock Exchange," said Hardianto, at the time of the initial stock listing at the IDX building, Jakarta, Wednesday (10/10/2018).
Garudafood issued 762.84 million new shares including shares issued to Pelican Company Ltd. as many as 727.84 million shares as implementation of the Mandatory Convertible Bond (MCB) conversion. Together with this IPO, Garudafood held an Employee Stock Allocation Program ("ESA") of a maximum of 2.8 million shares.
Hardianto said that the IPO would be a positive momentum for GarudaFood to continue to grow sustainably by optimizing the huge market opportunities, both in Indonesia and ASEAN. The IPO will also bring new standards in good corporate governance to the needs of modern companies.
Director and Corporate Secretary of Garudafood Paulus Tedjosutikno said as a producer of food and beverage products, Garudafood recorded a very solid performance. During the 4-month period to April 2018, sales were up 13.5 percent to IDR2.9 trillion from 2017's IDR2.5 trillion. The company's net profit also grew 136 percent to IDR222.5 billion during the four months to April period 2018 compared to the same period in 2017 of IDR94.5 billion.
Garudafood's total assets as of April 30, 2018 stood at IDR4.3 trillion up 22.6 percent compared to December 2017's position of IDR3.5 trillion.
PT Indo Premier Sekuritas Head of Investment Banking Director Rayendra L. Tobing said that Garudafood's shares are expected to be one of the attractive stocks for consumers to invest.
"During the period of the public offering carried out on October 2-4, 2018, the Garudafood stocks experienced oversubscription by up to six times the total shares offered. This indicates a large public trust in the performance of Garudafood and future business prospects."
"We hope that the positive performance of Garudafood will provide added value to our investors and stakeholders. Garudafood will continue to strive to maintain a healthy business growth and still refer to the principles of good corporate governance in order to provide optimal benefits for all stakeholders," concluded Paulus.