Saturday, 20 April 2019 | 20:10 WIB

Urban Jakarta Initial Share Price set between IDR1,000 - IDR1,250

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JAKARTA, NNC - PT Urban Jakarta Propertindo held an initial public offering (IPO). The company released some 600,000,000 shares to the public, equivalent to 16.85 percent of the total issued and fully paid capital after the IPO.

The company also issued new shares in the context of implementing conversion based on the Convertible Loan Agreement on November 22, 2017, namely as many as 400,000,000 shares.

So its total new shares amount 1 billion units or equivalent to 28.08 percent.

On the Due Diligence Meeting & Public Expose event of the company's public offering on Monday, Nov 12, the stock offering price was set around IDR1,000 to IDR1,250 per share.

Paulus Nurwadono, President Director of Urban Jakarta, said the company plans to allocate around 50.0 percent of IPO proceeds for land acquisition in the Jabodetabek area, 30.0 percent for capital expenditure and development, and around 20.0 percent for the company's working capital.

The Company has named PT RHB Sekuritas Indonesia and PT Sinarmas Sekuritas as Joint Lead Underwriters (JLU).

The initial bidding period (book building) will take place on November 9-19 2018, with an estimated effective date on November 30 2018.

Meanwhile, the public offering will be held on December 4-6 2018 and the shares listings on the Indonesia Stock Exchange (IDX) set to be on December 12 2018.

Urban Jakarta is currently developing four projects with the Transit Oriented Development (TOD) concept located on the Jabodetabek LRT network trajectory. The total value of the four projects is around IDR10.2 trillion for approximately 5 years.