Jakarta. Mutuagung Lestari, also known as Mutu International, is preparing for its first-ever public stock issuance. The company plans to issue 942,857,200 shares at a price range of Rp 105 to Rp 110 per share, with the aim of raising up to Rp 103.7 billion ($7.2 million) in capital.

The initial public offering is scheduled to take place from August 2 to August 7, with the official listing on the Indonesia Stock Exchange set for August 9. Trimegah Sekuritas will act as the underwriter for the IPO.

Established in 1990, Mutuagung has grown to become one of Indonesia's largest private providers of testing, inspection, and certification services. The company has expanded its operations to Vietnam, China, and Japan.

In the first quarter of this year, Mutuagung reported revenues of Rp 59.41 billion, representing a 30.56 percent increase compared to the same period last year. The company attributed this growth to rising demand for sustainable palm oil certification from its parent company and increased demand for inspection and testing services from its subsidiary, Jasa Mutu Mineral Indonesia.

During the same period, the company's cost of revenue rose by 37.71 percent to Rp 34.41 billion. However, its net profit saw a significant increase of 66.84 percent, reaching Rp 8.15 billion.

As of March 31, Mutuagung's total assets amounted to Rp 160.68 billion, while its liabilities stood at Rp 81.31 billion.

The company plans to use a portion of the proceeds from the IPO to upgrade its existing laboratories and establish new ones at its branch offices. The remaining funds will be allocated for the purchase of raw materials and other operational expenses.

Mutuagung's current shareholders include Baruna Bina Utama with a 40 percent stake, Sentra Mutu Handi with a 45 percent stake, and Afda Ekselensi Lintas with a 15 percent stake.