Environmentally friendly cleaning equipment manufacturer PT Klinko Karya Imaji Tbk (KLIN) immediately conducted an initial public offering (IPO) by releasing 230 million new shares or 17.59% of the issued and fully paid capital after the public offering. From the disclosure of information, KLIN set a nominal value of Rp 10 per share and an offering price range of Rp 90 - Rp 100 per share. During the initial public offering, KLIN will also issue a maximum of 57,500,000 Series I Warrants, with an exercise price of Rp 100. These Series I Warrants will be given free of charge to new shareholders whose names are recorded in the Shareholders Register on Allotment Date.

For information, 40% of the proceeds from the Initial Public Offering will be used for the construction of the head office, production area, and raw material warehouse. Approximately 38.75% will be used for the Company's capital expenditure needs such as the addition of production facilities and assets such as machines, box cars, operational cars, and office equipment.

Then, around 21.25% will be used for the company's working capital purposes in order to purchase raw materials to support the production process and marketing activities.

KLIN President Director Anggun Supanji stated that his party was enthusiastic about carrying out every due diligence process determined by the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX).

“We really appreciate the support from OJK and IDX who are very accommodating in guiding companies to take the IPO route. We hope that by becoming a public company, KLIN can continue to maintain its commitment to provide quality and international standard cleaning products that are trusted by national and international consumers," said Anggun in a press release, Tuesday (19/7).

In terms of the manufacturing process, the company from Gresik, East Java claims its products are environmentally friendly and have a long service life. The reason is, in processing each product, KLIN is able to absorb as much as 120 tons of textile waste per month.

The waste in the form of pieces of patchwork is then reprocessed into cotton material and spun back into yarn before being processed into products such as floor mats, mops, lobby dusters, and napkins.

In the context of implementing this IPO, PT Elit Sukses Sekuritas acts as the implementing guarantor for the issuance of Securities.

“From the company's data, we assess that KLIN has the potential to expand its business on a national and global scale. This is because the entire production process of KLIN has supported the formation of a green environment, including by developing an ecosystem that focuses on Reuse, Reduce, Recycle (3R)," said Effendi Irawan, President Director of PT Elit Sukses Sekuritas.

The company has now penetrated the export market to seven countries in Southeast Asia, the United States, Europe, and Latin America with private label products.

The KLIN IPO schedule is as follows:

- Initial offer period: 20-25 July 2022

- Estimated effective date: 29 July 2022

- Estimated public offering period: 2-5 August 2022

- Estimated allotment date: August 5, 2022

- Estimated date of distribution of shares electronically: August 8, 2022

- Estimated listing date on the Indonesia Stock Exchange: August 9, 2022