Jakarta. Mandiri Herindo Adiperkasa, also known as Mandiri Services (MAHA), has successfully completed its four-day initial public offering (IPO) on Friday, expecting to raise Rp 491.58 billion in fresh capital.

During the IPO, Mandiri Services issued 4.17 billion shares at a price of Rp 118 per share. The distribution of equity will take place on Monday, and the company is set to be officially listed on the Indonesia Stock Exchange the following day.

Trimegah Sekuritas acted as the underwriter for the IPO.

The Financial Services Authority (OJK) has classified Mandiri Services' stock as Sharia-compliant shares based on the company's application letter and supporting documents.

Mandiri Services, which operates in Kalimantan Island, plans to allocate 60 percent of the IPO proceeds to acquire new trucks, while the remaining 40 percent will be invested in new equipment to enhance productivity.

Among its pre-IPO shareholders are Edika Agung Mandiri (holding a 46 percent stake), Yenny Hamidah Koean (10 percent), Eka Rosita Kasih (10 percent), Diah Asriningpuri Sugianto (10 percent), Arief Sugianto (10 percent), Handy Glivirgo (5 percent), Muhammad Akbar (5 percent), and Herman Kusnanto Kasih Tjia (4 percent).

The company was founded by Eddy Sugianto, who is ranked 32nd in Forbes' list of the 50 richest individuals in Indonesia.