PT Cisadane Sawit Raya Tbk. (“The Company”), officially listed its shares on the Indonesia Stock Exchange (IDX) on Thursday, 9 January 2020. The company with ticker code “CSRA” became the 3rd listed company in 2020 on the IDX. In the Initial Public Offering (IPO), the Company released a total of 410 million new shares. The new shares will be equivalent to 20% of the issued and fully paid capital at a share price of Rp 125 per share.
The total funds raised by CSRA is Rp. 51,250,000,000 (fifty one billion two hundred and fifty million Rupiah), with a total market capitalization at the time of the IPO of Rp. 256.25 billion. In the first trading, CSRA shares jumped 69.6% or 87 points to the price of Rp 212 per share.
President Director of the Company Mr. Gita Sapta Adi stated that the listing on the IDX is the key milestone of the Company’s journey towards being a transparent public company that is responsible to all stakeholders as it runs its business going forward.
Director of the Company Mr. Seman Sendjaja further added that the funds raised from the community through the IPO process will encourage the growth and development of the CSRA business so that it is getting better in the future. The company is grateful for the trust of more than 760 entities who have participated by investing in CSRA shares. It is planned that the funds obtained from the IPO will be used for the Company’s working capital. After deducting costs related to securities emissions, all IPO proceeds will be used to purchase fertilizers, purchase fresh fruit bunches (FFB) originating from the third party/community, and contractor payments for the rental of heavy equipment and construction.