Bank Sumut Ready to Go IPO on IDX

By Editorial Team 06/01/2023
IPO business process
Summary

PT Bank Pembangunan Daerah Sumatra Utara, or Bank Sumut, plans to hold an initial public offering (IPO) and aims to raise Rp 1.49 trillion in the process. Referring to the IPO prospectus, the prospective issuer, planning to trade as BSMT, will release a maximum of 2.93 billion shares, or around 23 percent of the post-IPO issued and paid-in capital.

Bank Sumut set the IPO share price at around Rp 350 to Rp 510, meaning that the IPO may generate about Rp 1.02 trillion-Rp 1.49 trillion. Simultaneously, Bank Sumut will implement an employee ownership scheme through the Employee Stock Allocation (ESA) program and the Management and Employee Stock Option Program (MESOP).

The bank's finance and information technology director Arieta Aryanti revealed that the IPO plan would be one of the bank's efforts to improve performance and assets and strengthen governance and risk management. "If financial performance is good and results in increased profits, the contribution to regional income (PAD) will also hopefully increase," Artieta said in an official statement on Wednesday.

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