PT Harta Djaya Karya Tbk (MEJA) Debuts on Indonesian Stock Exchange, Sets Ambitious Plans

PT Harta Djaya Karya Tbk (MEJA), an issuer operating in the design, interior construction, and furniture manufacturing industries, officially debuted on the Indonesia Stock Exchange (IDX) on Monday (12/2/2024). At the beginning of trading, MEJA's stock price fluctuated, experiencing a 6.8 percent surge. The initial offering price for MEJA shares was set at Rp 103 per share, with a total of 480 million new shares released, equivalent to 25.03 percent of the issued capital after the IPO. The targeted funds raised amounted to Rp 49.4 billion.

Richie Adrian Hartanto, MEJA's President Director, announced plans to introduce an exclusive internal brand for its furniture products. "This step is expected not only to enhance the business brand image but also to provide added value to customers by offering unique and high-quality products," Richie said at the IDX Main Hall. "As a concrete step to support this expansion, MEJA this year conducted its Initial Public Offering (IPO)," he added.

Richie stated that the funds from the IPO would be used for the acquisition of fixed assets, such as office equipment, project work equipment, building rentals, vehicles, and information system development. "The majority of the IPO proceeds will be allocated to working capital, including the purchase of raw materials, contractor fees, interior design, and furniture procurement," he revealed. Approximately 24 percent or Rp 10.9 billion will be allocated for the purchase of fixed assets, including office equipment, project work equipment, and vehicles. Additionally, about 4 percent or Rp 1.8 billion will be for building and vehicle rentals, as well as information system and network development.

Furthermore, approximately 72 percent or Rp 32.7 billion will be used for the company's working capital, including but not limited to the purchase of raw materials, contractor fees, and interior design. Alongside the IPO, MEJA also issued 480 million Series I Warrants, with a ratio of 1 new share entitling the holder to 1 Series I Warrant at an exercise price of Rp 115 per share.


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