Distributor of mobile phones PT Telesindo Shop is upsizing proceed from initial public offering (IPO) to Rp1 trillion from initial plan of Rp300 billion.
In parallel, Telesindo will enlarge the shares issuance during the IPO to 40% from 30%, Telesindo President Director Hengky Setiawan said yesterday as quoted by Investor Daily today.
He said Telesindo has also mandated PT Bahana Securities as the IPO lead underwriter. According to him, the company will use financial report in the first half for the IPO submission to Bapepam-LK scheduled in November or December this year from the initial schedule in the second quarter of this year. Telesindo will officially submit the IPO filing to Bapepam-LK in August.
Telesindo aims to use the proceed to open 500 new outlets, adding the outlets to 1,000.
Disclosure: No position at the stock mentioned above.
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