ERAA - To raise IDR425.38 bn from ERAL' IPO

Erajaya Swasembada (ERAA) to IPO one of its subsidiaries, Sinar Eka Selaras (ERAL) by selling around 1.03 bn shares with price range at IDR370 - IDR410. ERAL will get around IDR425.38 bn in IPO proceeds, which the company plans to use it for working capital, new stores opening, new equipments, marketing and promotions. Note that, ERAL is a trading company that operates Urban Republic, which sells computers, electronics, and fashion retail products. (Source: Bisnis Indonesia)