Dentons HPRP, a leading law firm in Indonesia, proudly announces the successful completion of the Initial Public Offering (IPO) process for PT Adhi Kartiko Pratama Tbk. The seamless execution of this significant milestone was steered by Dentons HPRP Partner Constant Ponggawa and Erwin Kurnia Winenda, alongside a dedicated capital market team including Senior Associate Rio Febrianus Pasaribu, and Associates Rafi Andiandra Wardhana, Beatrix Deviana Mukin, Jovanka Linkanaya, as well as the invaluable support from Dentons HPRP's esteemed mining and energy team, led by Senior Associate Akbar Bayu and Associate Carlos William Rettobjan.

On the very last working day of 2023, PT Adhi Kartiko Pratama Tbk. received its effective letter from Indonesian Financial Services Authority (OJK), marking the commencement of its debut listing on the Indonesia Stock Exchange under the ticker NICE on January 9, 2024. Notably, this IPO stands out due to its unique structure; unlike conventional IPOs in Indonesia, all of the shares offered to the public are the divestment shares owned by its majority shareholders, which such offering have not been done for the last 5 years.
In addition to the rare offering structure, we also arranged that following the successful listing of PT Adhi Kartiko Pratama Tbk, a Korean investor (an affiliated entity fully owned by LX International Corp., formerly known as LG International Corp) is permitted to acquire additional shares from the existing shareholders of PT Adhi Kartiko Pratama Tbk in negotiated market. This investor will become the new controlling shareholder of PT Adhi Kartiko Pratama Tbk.

The IPO, underwritten by three esteemed entities in Indonesia—PT Trimegah Sekuritas Indonesia Tbk., PT KB Valbury Sekuritas, and PT UOB Kay Hian Sekuritas—offered a total of 6,082,020,000 shares, representing 20% of the fully paid and placed capital, at a price of Rp 438.00 per share. The Public Offering generated an impressive total of Rp532,784,952,000 from the public.

Dentons HPRP's proficiency in Capital Market practice has been instrumental in assisting corporations across diverse industries. For further details on the comprehensive range of services provided, please reach out to the partner listed under key contacts.

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