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Prospective issuer of chemical producers, PT Chemstar Indonesia Tbk. (CHEM) plans to raise funds of up to IDR 95 billion from the initial public offering (IPO) on July 8, 2022. Based on the initial prospectus contained on the e-Ipo page, the prospective issuer that will use the CHEM stock code offers a maximum of 500 million new shares or a maximum of 29.41 percent of the company's issued and fully paid capital. CHEM will offer the shares to the public with an offering price range of Rp. 150 - Rp. 190 per share, thus the total value of the public offering is at most Rp. 95 billion.

"The company can make changes to the price range no later than 3 working days before the deadline for confirmation of whether or not there is a change in information," continued management in the prospectus, quoted Monday (20/6/2022).

The underwriter for the issuance of Chemstar Indonesia securities in this action is PT NH Korindo Sekuritas Indonesia. While the underwriters will be determined later.

In addition, management revealed that after carrying out the IPO, the company also issued a maximum of 250 million Series I Warrants or a maximum of 20.83 percent of the total number of issued and fully paid shares.

 "Series I warrants are given free of charge as an incentive for new shareholders whose names are registered in the shareholder register on the allotment date," the management wrote.

Chemstar said that every holder of the company's two new shares is entitled to one Series I Warrant, where each Series I Warrant gives the holder the right to purchase one new company share issued in a portfolio.

For information, Chemstar Indonesia is a chemical manufacturing company for the textile industry located in Purwakarta, West Java. The company is a chemical manufacturing and trading company for the textile, leather, plastic, and similar industries.

In the future, the company plans to expand its business operations in the chemical industry for spinning, weaving and entering the downstream sector, namely textile coloring.

In addition, the Company also plans to develop its business operations in the food and beverage (F&B) sector. In addition to its own manufactured products, the Company is also a distributor of international chemical companies such as Tanatex Chemicals Holland and Transfar International China.

Tanatex Chemicals d/h Bayer GmbH, is a multinational company from Holland, which has been developing, producing and selling chemicals for the textile industry for more than 150 years.

Through the prospectus, the company has started the schedule for the initial offering period or bookbuilding from Monday (20/6/2022) to Thursday (23/6/2022).