Hermanto Tanoko, a son of Avia Avian’s founder, and his family hold a 74.6% stake.
“Becoming a listed company is an initial step to realize our vision in becoming an integrated paint producer that is competitive, environmentally friendly, and renowned in Asia,” Tanoko, who serves as president commissioner of Avia Avian, said in a statement on Friday.
The company will use the majority of the proceeds from the IPO for working capital, capital expenditure, and repayment of debt. The capital expenditure will be used to build the third and largest factory for the company in Cirebon, West Java. The new factory will have a production capacity of 225,000 metric tons per year. Currently, Avia Avian has two integrated factories with total capacity of more than 286,000 metric tons per year combined.
Last year, Avia Avian recorded revenues of 5.7 trillion rupiah , according to its prospectus, up from 5.6 trillion rupiah the previous year. Its net profit last year was 1.1 trillion rupuah , slightly up from 1 trillion rupiah the year before. The architectural solutions segment accounted for 79% of sales in 2020 and contributed 92.5% of consolidated gross profit.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Renzo Rosso on Solidarity, Growing OTB to 1.5B Group and IPO WindowRenzo Rosso revealed the initial public offering, which he recently hinted at, is now expected to take place in 2024.
Read more »
IRS Announces 2022 Tax Rates, Standard Deduction Amounts And MoreThe standard deduction amount for the 2022 tax year jumps to $12,950 for single taxpayers, up $400, and $25,900 for a married couple filing jointly, up $800.
Read more »
Ten recommended stocks if you think value will beat growth as inflation surgesThese companies are recommended by at least three top-performing newsletters and have low valuations.
Read more »
Will the craze for crypto startups ever produce the next tech giant?In the first nine months of 2021 crypto startups raised $15bn in venture capital, five times their tally for the whole of 2020
Read more »
Shares Of Rivian Continue To Move Higher After Elon Musk Throws ShadeShares of Rivian continue to move higher after Elon Musk throws shade by skleb1234
Read more »
A historian brings to life a 17th-century witchcraft panicFear of witchcraft never truly fades, finds malcolmgaskill in his new history, 'The Ruin of All Witches'
Read more »