Jakarta, 21 June 2023 – The shares of PT Graha Mitra Asia, Tbk (RELF) received a positive response from the stock market during the public offering period which took place from 15 to 20 June 2023. The company recorded oversubscribed or oversubscribed up to 6.28 times from the 1,200,000,000 shares offered.
Main Director of Graha Mitra Asia Tbk Ivan Darmanto said this was a form of trust and optimism for management to continue to pursue the company’s high growth performance. Until the end of 2023, the Company targets to achieve sales of Rp. 72 billion, and in line with the management’s expansion strategy, next year the company targets to record sales at Rp. 128 billion while maintaining a good level of profitability.
“We are grateful for the enthusiasm of these extraordinary investors. We are very proud of this achievement so that it can be trusted by many investors,” he said.
RELF’s public offering period has been held from June 15 to June 20 2023. RELF shares were listed on the Indonesia Stock Exchange (IDX) on Thursday (22/6) with an offering price of Rp. 90 per share.
“With the IPO, we want to continue to be able to develop the company to be even better so that investor confidence is well maintained,” added Ivan.
As is known, PT Graha Mitra Asia, Tbk will carry out an Initial Public Offering (IPO) on June 22, 2023. The number of shares offered is equivalent to 20.95% of the paid-up capital. The company appointed PT UOB Kay Hian as Lead Underwriter. Prior to the IPO, the majority shareholders were PT Relife Property with 24.59% ownership, Achmad Machlus Sadat 21.88%, Ghofar Rozaq Nazila 13.63%, PT Nusa Perkasa International 13.32%, PT Relife Realty Indonesia and PT Patraland Mulia Jaya amounted to the same amounting to 11.93%, and PT Asia Intrainvesta as much as 2.72%.
Most of the funds obtained from the results of the initial public offering will be used by the Company to acquire land which will be directly worked on as a new project for the Company.
A total of IDR 56 billion or around 51.85% will be used to purchase 4 hectares of land located in Semplak Barat, Kemang, Bogor. The land will be built into a residential area with a total of around 300 houses.
Rp 27.5 billion or 25.46% of the total funds will be used to buy a 2,750 m2 land in Jagakarsa, South Jakarta. Later the land will be developed as the Greenland Jagakarsa real estate project.
In addition to land acquisition, as much as 22.69% or IDR 24.5 billion, the Company will allocate IPO proceeds for working capital for infrastructure development, social facilities, public facilities and the Company’s operations.