Cosmetic maker PT Martina Berto Tbk experienced 52 folds oversubscribe during initial public offering (IPO) during pooling period. Pooling period is usually set for individual investors. During the previous book building, Martina Berto booked 11 folds oversubscribe.
"Pooling period was held during January 3 to January 7. We could get 52 folds oversubscribe," said Bryan Tilaar, Martina Berto President Director, said.
Martina Berto plans to issue 355 million shares or 33.17% shareholding during the IPO at Rp740 per share, enabling the company to grab Rp262.7 billion. The company will use the proceed for business expansion and working capital.
The company estimates to reach Rp62 billion net income by end of this year, 2 folds from last year prediction of Rp36 billion.
Disclosure: No position at the stock mentioned above.
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