Rimo plans public offering

JAKARTA (JP): Local retail chain PT Rimo Catur Lestari will launch an Initial Public Offering (IPO) later this year to raise funds to finance its expansion program.

The company said on Thursday that it would sell about 100 million new shares during the IPO at a price of between Rp 350 and Rp 500 per share.

About 60 percent of the IPO proceeds will be used to expand the operations of its retail subsidiary Rimo Nusantara Mandiri, and the other 20 percent to boost its working capital.

It will also use part of the proceeds to support its subsidiary Rimonet Inti Cemerlang develop an e-commerce website.

The company said Trimegah Securities would act as underwriter for the share offering. (cst)