Hermanto Tanoko, a son of Avia Avian’s founder, and his family hold a 74.6% stake.
“Becoming a listed company is an initial step to realize our vision in becoming an integrated paint producer that is competitive, environmentally friendly, and renowned in Asia,” Tanoko, who serves as president commissioner of Avia Avian, said in a statement on Friday.
The company will use the majority of the proceeds from the IPO for working capital, capital expenditure, and repayment of debt. The capital expenditure will be used to build the third and largest factory for the company in Cirebon, West Java. The new factory will have a production capacity of 225,000 metric tons per year. Currently, Avia Avian has two integrated factories with total capacity of more than 286,000 metric tons per year combined.
Last year, Avia Avian recorded revenues of 5.7 trillion rupiah , according to its prospectus, up from 5.6 trillion rupiah the previous year. Its net profit last year was 1.1 trillion rupuah , slightly up from 1 trillion rupiah the year before. The architectural solutions segment accounted for 79% of sales in 2020 and contributed 92.5% of consolidated gross profit.
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