Bakrie Group Seeks Rp 1.1 Tln from IPO to Boost EV Business

By Editorial Team 26/05/2023
IPO business process
Summary

PT VKTR Teknologi Mobilitas Tbk will hold an initial public offering (IPO) by selling 8.7 billion shares or 20 percent of the issued and fully paid capital. In this corporate action, the electric vehicle assembly company targets fresh funds of up to Rp 1.1 trillion.

VKTR, a subsidiary of PT Bakrie & Brothers Tbk (BNBR) offered an initial offering price in the range of Rp 100–130 per share on Thursday.

VKTR plans to use 39.9 percent of the proceeds from the IPO for capital expenditures and 44.6 percent for operational spending. About 11.6 percent of the IPO funds will be provided by VKTR to Bakrie Autoparts through equity participation. Later, the Bakrie Autoparts business will complement the company's business activities.

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