Bisnis.com, JAKARTA — PT Transkon Jaya Tbk. has implemented several expansion plans using the fresh funds obtained by the company through an initial public offering (IPO). Transkon Jaya gained fresh funds of IDR 93.75 billion through the initial public offering on August 27, 2020. At that time, the company offered 375 million new shares at an execution price of IDR 250. Deducting the costs of the public offering, the net realization from the IPO amounted to IDR 89.81 billion. All funds from the IPO have been realized.
“Thus, there is no remaining fund from the public offering,” said Transkon Jaya President Director Lexi Roland Rompas in his report to the Indonesia Stock Exchange, Tuesday (12/1/2021).
Lexi explained there were two purposes for using IPO funds, namely down payment for the purchase of new fleets worth IDR 62.87 billion and down payment for spare parts worth IDR 26.94 billion. The allocation of funds is in accordance with the planned use of funds according to the IPO prospectus.
Previously, Transkon Jaya Corporate Secretary Alex Syauta stated that IPO funds had been used for the procurement of spare parts. In addition, the issuer with the code TRJA also allocated funds for new projects and down payments. “For spare parts, it has helped increase inventory by 41 percent compared to the initial position in June 2020,” he said to Bisnis on October 18, 2020. He said the allocation was to support the company’s expansion outside the region. According to him, TRJA now has additional vehicles in several areas of Sulawesi.
Previously, Alex revealed that the funds raised from the IPO were one of the sources of financing for capital expenditures in 2020. The company combined its own funds and financing to meet capital expenditure needs. TRJA stated that capital expenditure was used for vehicles and the target procurement of approximately 400 units. He said the use of funds from the IPO would be divided into two. Seventy percent for vehicle down payments and 30 percent for the procurement of spare parts.
