Property company PT Graha Mitra Asia or RelifeAsia will conduct an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX) with the ticker code RELF. The IPO, which targets to raise 108 billion – 120 billion, involves UOB Kay Hian Sekuritas as the underwriter for the issuance of securities.
RelifeAsia currently has a project located in Kemang, Bogor, West Java. This housing project, known as Greenland Kemang, was built on an area of 13 hectares with a total of approximately 1,000 housing units.
The number of shares to be offered at this IPO is 1.2 billion shares. Meanwhile, the offering price for RELF shares is IDR 90-IDR 100 per share with an estimated fund of IDR 108 billion-IDR 120 billion. Simultaneously, RELF issues a maximum of 1.2 billion Series I Warrants accompanying the Company’s new shares. Series I Warrants will be issued with a ratio of 1:1.
From the IPO proceeds obtained by the Company, after deducting emission costs, will be used to purchase a 2,750 m2 land area in South Jakarta for Rp. 27,500,000,000 which will be developed as the Greenland Jagakarsa real estate project. Then around 46.67% of the IPO funds obtained by the Company or IDR 56,500,000,000 were used to purchase 4 hectares of land in Semplak Barat, Kemang, Bogor. This land will be developed into around 300 housing units. And the remaining IPO proceeds will be used for the Company’s working capital.
Based on the Public Expose which was held on 31 May 2023 at Amana Venue, South Jakarta, Management said that, as of the end of 2022, units that have been ordered and units that have had a PPJB contract, cumulatively reached 124 housing units with a potential income of IDR 79.4 billion.
According to Edy Abdul Malik, Finance Director of PT Graha Mitra Asia Tbk., in a question and answer session, “The company has a dividend distribution policy of a maximum of 50% of net profit.” Not only that, Edy added, the company has the potential to distribute interim dividends this year. “If the company’s financial performance remains good until the end of the year, management will consider distributing interim dividends this year,” he added.
Meanwhile, an indication of the public offering schedule has been published. Initial public offering of PT Graha Mitra Asia Tbk. (RELF) is expected to take place on 14-20 June 2023 and the planned listing of shares on the IDX is expected to take place on 22 June 2023. Following are detailed indications of the IPO schedule:
- Initial Offer Period: 25 May – 5 June 2023
- Effective Date: 12 June 2023
- Public Offering: 14 – 20 June 2023
- Allotment: 20 June 2023
- Electronic Distribution of Series I Shares and Warrants: 21 June 2023
- Listing of Series I Shares and Warrants on the IDX: June 22, 2023.
The purchase order for the initial shares of PT Graha Mitra Asia (RELF) uses the Electronic Public Offering system by accessing the e-ipo.co.id website.