Jakarta (ANTARA) - PT Gama Multi Usaha Mandiri, a holding and investment arm of Universitas Gadjah Mada (UGM), plans to take its healthcare manufacturing unit Swayasa Prakasa public, targeting Rp45.22 billion (US$2.56 million) from the initial public offering (IPO).

Swayasa Prakasa management stated the maximum value of the public offering is Rp45.22 billion, according to an Indonesia Stock Exchange filing on Monday.

The company will offer up to 323 million new shares, representing a maximum 30.30 percent of its enlarged issued and fully paid capital.

Swayasa Prakasa set an initial bookbuilding price of Rp130 to Rp140 per share from August 24 to 27, targeting proceeds of Rp45.22 billion.

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The IPO is scheduled on September 2 to 8, with share allocation on September 8 and distribution on September 9.​​​​​​​ Swayasa Prakasa is expected to list its shares on the Indonesia Stock Exchange on September 10.

Of the IPO proceeds, about Rp15.8 billion will fund working capital to increase production capacity and improve product quality.

Another Rp12.2 billion will finance capital spending, while Rp12 billion will repay obligations to PT Gama Multi Usaha Mandiri and the Gadjah Mada University Foundation.

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Swayasa Prakasa appointed PT Sukadana Prima Sekuritas as the IPO’s managing underwriter.​​​​​​​

Gama Multi Usaha Mandiri is the controlling shareholder, with 721.90 million shares or similar to 97.16 percent, while UGM owns 20.01 million shares or 2.693 percent.

PT Radio Swara Gadjah Mada owns 549,920 shares or 0.074 percent, while Bondan Ardiningtyas holds 542,840 shares or 0.073 percent.

Swayasa Prakasa operates a research-based manufacturing business focused on healthcare products and has expanded gradually through several strategic business units.

Founded under a Jan. 12, 2012 deed, Swayasa Prakasa began commercial operations in 2014 to commercialise UGM research and support downstream innovation into competitive industrial products.

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Translator: M.Heriyanto, Rahmad Nasution
Editor: Fransiska Ninditya
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