UGM-Linked Swayasa Prakasa Plans IPO to Raise Rp45.22 Billion

PT Gama Multi Usaha Mandiri, a holding company linked to Universitas Gadjah Mada (UGM), is preparing to launch its healthcare manufacturing subsidiary Swayasa Prakasa on the Indonesian stock market. The company aims to raise Rp45.22 billion (approximately US$2.56 million) through an initial public offering (IPO). The maximum value of the public offering has been set at Rp45.22 billion, with the potential to sell up to 323 million new shares.

This would represent a maximum of 30.30 percent of Swayasa Prakasa's enlarged issued and fully paid capital.

The IPO will be priced between Rp130 and Rp140 per share, with bookbuilding taking place from August 24 to 27. Proceeds from the IPO are earmarked for various purposes. About Rp15.8 billion will be used to bolster working capital, enabling Swayasa Prakasa to expand production capacity and enhance product quality. An additional Rp12.2 billion will be allocated towards capital spending, while another Rp12 billion will be utilized to repay obligations owed to both PT Gama Multi Usaha Mandiri and the Gadjah Mada University Foundation.

PT Sukadana Prima Sekuritas has been appointed as the managing underwriter for the IPO. Gama Multi Usaha Mandiri, which holds a controlling stake of 97.16 percent, is the primary shareholder, with 721.90 million shares. UGM owns 20.01 million shares, or 2.693 percent of the company. Smaller shareholder stakes include 549,920 shares owned by PT Radio Swara Gadjah Mada (0.074 percent), and 542,840 shares held by Bondan Ardiningtyas (0.073 percent).