First Debut, MVP Pictures Production House Shares Touch ARA

Jakarta, CNBC Indonesia – Film company owned by Ram Punjabi PT. Tripar Multivision Plus Tbk (RAAM) officially took the floor on the Indonesia Stock Exchange (IDX) on Monday (5/5/2023). During this Initial Public Offering, RAAM’s shares skyrocketed.

RAAM set an offering price of IDR 234 per share. At the opening of trading this morning, the production house company’s shares moved at IDR 292 per share. RAAM managed to increase by 24.79%.

RAAM set an IPO exercise price of IDR 234 per share. The sister issuer of Manoj Punjabi offered 929.2 million new shares issued from the company’s portfolio.

Issuers producing films such as Soekarno and Hijrah Cinta plan to use the proceeds from the IPO, including 81.6% of it for the company’s working capital, namely financing the production of films/web series/soap operas and others.

Then, about 18.4% paid up capital for PT. Platinum Sinema (99.99% share ownership). The funds will be used to build and operate a new theater in Kebumen. This cinema is planned to start operating in 2Q2023.

Apart from Kebumen, 3 new theaters are in the process of obtaining PKKPR and NIB permits which are planned to operate in 2023 in Banyuwangi, Tabanan, Kualakapuas. 5 new theaters are in the process of obtaining PKKPR and NIB permits which are planned to operate in 2024 in Garut, Padang Sidempuan, Bondowoso, Demak, Pangkalan Bun.

Whora Anita Ragunath, President Director of the Company explained, the company’s move to enter the Indonesia Stock Exchange (IDX) through an IPO is part of an effort to increase the company’s funding capacity and better governance and we are optimistic about the prospects for the film business being run by the Company. This is in line with the statement of the main commissioner of RAAM Ram Punjabi.

“We are very pleased to be able to take this step forward, I feel this is the most appropriate step in order to increase our contribution to the Indonesian film ecosystem, if our steps can contribute to the stability of MVP and our main goal so that our existence can continue,” said Raam Punjabi as Main Commissioner and Founder of PT Tripar Multivision Plus Tbk.

PT. Tripar Multivision Plus Tbk. (RAAM) was founded in 1990 which focuses on the video production sector and all kinds of related businesses, such as trading, distributing the results of these businesses, both domestically and abroad. The company is owned by Mr Raam Jethmal Punjabi.

[Gambas:Video CNBC]

(fsd/fsd)