Jakarta. Hospitality and property company Intra GolfLink Resorts is launching an initial public offering (IPO) aiming to raise Rp 713 billion to fund the construction of a six-star hotel in Bali.

The company plans to issue up to 3.1 billion new shares, representing 15.02 percent of total shares, priced between Rp 200-230 each.

Intra GolfLink Resorts Chairman Darma Mangkuluhur Hutomo, grandson of former President Soeharto and son of Hutomo "Tommy" Mandala Putra, said that Indonesia's golf business has a promising future. He believes the company's high-quality facilities and excellent service will make its golf courses a global destination, boosting tourism and the economy.

"The company's prospects are positive as the number of golfers rises and Indonesia becomes a top international golfing destination," Darma said on Wednesday.

The IPO proceeds, minus issuance costs, will see 87.53 percent allocated to the subsidiary New Kuta Golf and Ocean View (NKG), with 67.32 percent of this capital funding a six-star luxury boutique hotel at Hole 15 – The Cliff Hanger, in Pecatu Indah Resort, Jimbaran, Bali.

Intra GolfLink's CEO Dwi Febri Astuti highlighted the company's turnaround in 2022, achieving a net profit of Rp 25.53 billion from a net loss of Rp 32.04 million, with net sales rising by 59 percent in 2022 and 53 percent in 2023. "We are optimistic about continued profitability growth with the expansion of golf tourism," Dwi said.

The book building will take place from June 20 to 25, with the public offering scheduled for July 2 to 4. Joint lead underwriters include KB Valbury Sekuritas, Samuel Sekuritas Indonesia, Semesta Indovest Sekuritas, and Trimegah Sekuritas Indonesia. Intra GolfLink Resorts aims to list on the Indonesia Stock Exchange (IDX) under the ticker symbol GOLF on July 8.

Established in 2005, Intra GolfLink Resorts (IGR) is a hospitality company that owns and manages golf courses in Indonesia. Since 2022, it has expanded into an integrated property company. IGR's subsidiaries include Sentul Golf Utama, managing Palm Hills Golf Club Bogor, and New Kuta Golf and Ocean View, managing New Kuta Golf Bali. It also has an associate entity, Belitung Golf and Resorts, managing Black Rocks Hotel & Golf Club Belitung.