Jakarta. Gunanusa Eramandiri is set to launch an initial public offering (IPO) of 500 million shares, equivalent to 20 percent of the company, at a price of Rp 150 per share, valuing the IPO at Rp 75 billion ($4.58 million).

The public offering period will take place from July 2 to July 5, with the shares slated for listing on the Indonesia Stock Exchange (IDX) on July 9, under the ticker GUNA. Panin Sekuritas is acting as the underwriter for the offering.

Gunanusa Eramandiri's current shareholders include Tjokro Gunawan and Ivan Cokro Saputra, each holding 30 percent of the shares, Cecilia Lanny Budiman with 20 percent, and Bernice Cokrosaputro with 20 percent. Tjokro Gunawan, who serves as the company's chief commissioner, and Ivan Cokro Saputra, the president director, have been designated as the controlling shareholders.

Founded by Tjokro Gunawan in 1993, Gunanusa Eramandiri is a company specializing in processed snack nuts. Initially, the company focused on producing high-quality peanuts in a 1,000 square meter factory in Cikarang. Over time, the company expanded by acquiring other businesses and starting new lines to support its operations and produce a variety of nuts.

For over two decades, Gunanusa Eramandiri has concentrated on the nut processing industry, expanding its production to include three factories totaling 14,885 square meters to serve markets in various countries.

All proceeds from the IPO, after deducting issuance costs, will be used for the company's working capital, specifically for operational expenses such as purchasing raw materials like almonds and peanuts.

In the IPO prospectus, Gunanusa Eramandiri's management reported that the company earned a profit per share of Rp 31 as of December 31, 2023. With an offering price of Rp 150 per share, the company's price-to-earnings ratio (PER) is 4.84x, and its price-to-book value (PBV) is 0.55x.

Management noted that the company's PER of 4.84x is significantly lower than the food and beverage industry's average PER of 14.84x. Similarly, the company's PBV of 0.55x is lower than the industry average of 1.58x.

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