Jakarta. Sumber Sinergi Makmur, also known as Fox Logger, is conducting an initial public offering by issuing 1.1 billion shares at the price of Rp 100 per share starting Friday.

Sumber Sinergi is a distributor of global positioning system devices for automobiles that also offers installation services.

It expects to raise Rp 110 billion in fresh capital from the IPO and to get listed on the Indonesia Stock Exchange by October 6. KB Valbury Sekuritas and Shinhan Sekuritas are acting as underwriters for the IPO.

Its current shareholders include three individuals named Alamsyah (37.5 percent), Darren Suciono (37.5 percent) and Gracia Puspita Suciono (25 percent).

The proceeds from the IPO will be used to procure 395,000 GPS tracker units of various types from its main supplier China-based Shenzhen Jimi IOT Co Ltd.

In its public filing, the company stressed that Jimi IOT isn’t an affiliate and that their relations are purely business under an agreement signed on December 2022 stating that the Chinese technology firm will become its supplier until 2027.