The furniture company Oscar Living, PT Oscar Mitra Sukses Sejahtera Tbk plans to conduct an initial public offering (IPO) by offering up to 400,000,000 shares.
The number of shares offered is equivalent to a maximum of 21.10% of the issued and paid-up capital of the company after the public offering, which are new shares issued from the Company's portfolio with a nominal value of Rp 10 per share.
Citing the prospectus, Monday (4/4/2022), the new shares are offered to the public at an Offering Price range of around Rp 100 to Rp 125 per share.
"The total amount of this Public Offering is a maximum of Rp 50,000,000,000," the prospectus states.
The Company has appointed PT Danatama Makmur Sekuritas as the underwriter for the securities issuance.
In conjunction with the issuance of New Shares, the Company is also offering Series I Warrants of up to 400,000,000 Series I Warrants, which represent up to 26.67% of the total shares that have been placed and fully paid at the time the Registration Statement is submitted to the Financial Services Authority (OJK).
The Series I Warrants are granted free of charge as an incentive for new shareholders whose names are listed in the allocation list of the Public Offering issued by the Securities Administration Bureau on the allocation date, which is April 27, 2022.
Each holder of one new share of the Company is entitled to receive one warrant, each warrant granting the holder the right to purchase one new share of the Company issued in the portfolio.
Warrant Series I is an instrument that grants the holder the right to purchase Common Shares in the name of the company with a nominal value of Rp 10 per share at an Exercise Price to be determined later, which can be exercised during the validity period starting from 6 months from the issuance of Warrant Series I by the Company, namely from October 24, 2022, to April 28, 2023.
<The entire funds obtained from this Public Offering, after deducting the issuance costs, will be used by the Company as follows:
Approximately 11.78% will be used by the Company for capital expenditures related to the renovation of the Warehouse and strengthening the trade network of furniture products by adding an own-fleet of trucks. As of the issuance of this prospectus, the Company is still in the exploratory stage for parties to be appointed as counterparties to the Company. The Company estimates the duration of fund utilization to be around 2 years.
Approximately 88.22% will be used by the Company for working capital in the form of inventory purchases, employee salaries, and marketing activities. The use of funds from this Public Offering also includes the leasing of new warehouses. At the time this prospectus is published, the Company is still in the process of exploring several options for the locations of these new warehouses, which will be situated in various cities in Indonesia.
"Meanwhile, the funds obtained by the Company from the implementation of Series I Warrants will be entirely used for working capital in the form of inventory purchases, employee salaries, and marketing activities," the prospectus stated.
Check the indicative IPO schedule for Oscar Living below.
Initial Offering Period: April 4 - April 14, 2022
Effective Date: April 21, 2022
Initial Public Offering Period: April 22 - April 27, 2022
Date of Auction: April 27, 2022
Electronic Distribution Date of Shares and Warrants and Refund: April 28, 2022
Date of Stock and Series I Warrant Listing on the IDX: April 29, 2022
Start Date of Series I Warrant Trading: April 29, 2022
End Date of Series I Warrant Implementation: May 1, 2023
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