The operator of Pizza Hut Indonesia, PT Sarimelati Kencana, has announced to offer up to 604.375 million new shares priced between Rp 1,100-Rp 1,350 apiece, while accelerator GK Plug and Play Indonesia has announced the addition of new verticals for later stage startups.
Operator of Pizza Hut Indonesia eyes $58.7m from IPO
PT Sarimelati Kencana, the operator of Pizza Hut Indonesia, is looking to raise up to $58.7 million through an initial public offering (IPO) on the Indonesian Stock Exchange (IDX).
The company said, it will offer up to 604.375 million new shares priced at Rp 1,100-Rp 1,350 apiece. The book-building period will be between April 23 and May 3, 2018, while the listing is slated for May 23.
Sarimelati Kencana Director Jeo Sasanto told media that 65% of the proceeds from the IPO will be used for company capital expenditure, particularly for the opening and renovation of Pizza Hut Restaurant and Pizza Hut Delivery outlets.
As of 2017, Sarimelati Kencana has operated 237 Pizza Hut Restaurant outlets and 156 Pizza Hut Delivery outlets in 76 city/regencies in 28 provinces in Indonesia.
Plug and Play Indonesia announces new verticals
Startup accelerator GK Plug and Play Indonesia announced the addition of new verticals and opportunities for later stage startups to join its Batch 3 Accelerator Program.
In an official release, the accelerator, said it will open its programme to startups within fintech, internet of things (IoT), mobility, food & agriculture (AgTech), and sustainability. It previously focused on helping seed-stage startups within the mobile and fintech verticals,
Aside from the addition of new focus verticals, GK-PnP Indonesia also announced its commitment to later stage startups through its accelerator program, by providing mentorship and connection to corporates and government.
Since its launch in late 2016, GK-PnP Indonesia, which is the official offshoot of the Plug and Play accelerator from the US, has helped 20 startups through its three-month program that runs twice every year. The second batch is currently running and is scheduled to close on April 27.