West Java textile firm Trisula plans to go public in the third quarter this year and sell 20 percent of its shares to raise fresh funds and expand operations. (Reuters Photo/Kham)
Garment Company Trisula Textiles to Go Public in Q3
BY :SARAH YUNIARNI
JULY 11, 2017
Jakarta. West Java textile firm Trisula plans to go public in the third quarter this year and sell 20 percent of its shares to raise fresh funds and expand operations.
Trisula Textiles Industries produces polyester fabrics and distributes them across the archipelago. The company has long been involved in producing uniforms and is a subsidiary of publicly-listed garment manufacturer and clothing retailer Trisula International.
The firm currently registers between Rp 400 billion to Rp 500 billion ($37 million) in assets.
Trisula Textiles appointed Jakarta-based brokerage firm Lotus Andalan Sekuritas – previously named Lautandhana Securindo – as the lead underwriter for the IPO.
"We will use our first quarter financial report for the IPO," Trisula International president director Santoso Widjojo told reporters on Tuesday (11/07).
The company will look to spend about Rp 100 billion from the IPO proceeds to expand its business next year by buying new machines, while the remainder of the funds will be used to enlarge working capital.
Santoso said the company will look to secure approval from the country's Financial Services Authority (OJK) for the IPO by next month.
The company said it will target domestic investors in the IPO.
Santoso also said another textile subsidiary of Trisula International will go public next year.
Trisula International has at least 13 diversified subsidiaries involved in textile production, furniture crafting and other industries.