Indonesia’s branded apparel-maker Golden Flower plans IDX listing

People walk past a statue of a bull as they enter the Indonesia Stock Exchange (IDX) in Jakarta, Indonesia. Photographer: Dimas Ardian/Bloomberg

Golden Flower, the Indonesian manufacturer of Calvin Klein’ clothing brand, plans to raise up to $3.1 million in an initial public offering on the Indonesia Stock Exchange (IDX) in June, according to local media reports.

Golden Flower also manufactures for US global brands including Michael Kors, Tommy Hilfiger, DKNY and American Eagle. Nearly 90 per cent of the company’s total revenue comes from exports.

The company recorded a total sales of around Rp 437 billion ($30.81 million) last year, recording a marginal increase by 0.16 per cent from the previous fiscal.

The Semarang-based company has fixed the IPO price at Rp 260 ($0.018) – Rp 300 ($0.021). The company will sell 150 million of its new shares, equivalent to 20 per cent of its enlarged capital.

The IPO proceeds will be allocated for working capital and for purchase of raw material.

The company had conducted a book building process from May 17-27. It will offer its shares to investors on June 17-20 before listing on the IDX on June 26.

Golden Flower appointed UOB Kay Hian as its underwriter.

The company would be the 13th firm to be listed on the Indonesia Stock Exchange this year.  The IDX expects to see 57 companies listed on the bourse this year.