Jakarta. Verona Indah Pictures, a production company specializing in soap operas, is set to conduct an initial public offering (IPO) by floating 1.12 billion shares, representing 23.54 percent of its total shares, to the public.

The company has set the IPO price at Rp 195 per share, valuing the entire offering at approximately Rp 218.72 billion ($14.39 million). The public offering period will take place from October 2 to 4, with the listing on the Indonesia Stock Exchange (IDX) scheduled for October 8. Following the listing, the company will use the ticker symbol VERN. UOB Kay Hian Sekuritas will act as the underwriter for the IPO.

In the first quarter of 2024, Verona Indah reported sales of Rp 67.09 billion, a significant increase of 53.33 percent from Rp 43.76 billion during the same period in 2023. The company's net profit for Q1 2024 was Rp 8.69 billion, soaring 126 percent from Rp 3.84 billion in Q1 2023.

Funds raised from the IPO, after deducting issuance costs, 7.33 percent of the funds will be used for the acquisition of a 160 m² land and a 1,060 m² building located at Graha Arteri Mas, Kebon Jeruk, West Jakarta, owned by Pie Titin Suryani, the controlling shareholder and CEO of the company.

The remaining IPO funds will be utilized for the company’s working capital, including but not limited to financing production activities, the acquisition of films/soap operas/digital series, their marketing, and covering the company's operational expenses.

Founded on October 10, 2010, Verona Indah Pictures is engaged in film and television production, post-production, and distribution. The company launched its first soap opera, "Titip Rindu," a romantic drama, in December 2010. Production of television programs has continued, including the series "Suami Pengganti," which premiered in March 2022 and has a total of 373 episodes. This series won the Spekta Awards ANTV in 2023.