IS SRIBOGA RATURAYA’S IPO SCHEME CHANGING?
The manager of the Pizza Hut PT Sriboga Raturaya is interested in holding an initial public offering . However, the plan is reportedly using a different scheme.
As reported by Globalcapital.com , sources who are aware of this transaction say if later not Sriboga’s shares will be listed on the Indonesia Stock Exchange (IDX). “Sriboga will sell the shares of one of its subsidiaries,” said the source.
In addition to managing Pizza Hut and Marugame Udon outlets, Sriboga Raturaya also has a subsidiary, PT Sriboga Bakeries Integra. The company produces superior products such as Panko.
PT Sriboga Flour Mill is also a business entity of Sriboga Raturaya. Sriboga Flour Mill is specialized in producing flour.
Hadian Iswara Busdev, Director of Sriboga Raturaya, was not yet ready to confirm the news. “While we cannot comment because it has not been discussed with management,” he said when asked for confirmation by Kontan.co.id, Thursday (4/1).
However, he ensured that Sriboga Raturaya’s plan to raise funds through the capital market still remained. “As we have said, it hasn’t changed,” he added.
As reported by Bloomberg in the first week of December 2017, Sriboga is targeting US $ 150 million in fresh funds through an IPO. The company was said to have appointed an advisor to smooth out the IPO plan. Possible company IPO in the first half of 2018.
According to consultant Euromonitor International, the pizza market in Indonesia is expected to increase to Rp. 8.81 trillion (US $ 650 million) in 2021, up from Rp. 5.76 trillion in 2016.
Pizza Hut is the most popular operator of pizza restaurants in Indonesia, controlling more than 70% of market share last year. Domino’s followed with 6.1%.