Shinhan Investment Corp. to Underwrite IPO of Indonesian Local Building Materials Company 'PIPA'

Shinhan Investment Corp. announced on the 18th that its Indonesian subsidiary successfully listed the construction materials manufacturing company PIPA (PT Multi Makmur Lemindo) on the Indonesia Stock Exchange (IDX) on the 10th.

In this initial public offering (IPO), pre-subscription funds exceeded 1 trillion rupiah (approximately 85 billion KRW), and the stock price rose to the maximum limit of 35% on the listing day. Founded in 2005, PIPA started with the production and distribution of PVC and has expanded its business to OEM manufacturing and distribution of PVC pipes and other construction material products.

PIPA issued 925 million shares at a public offering price of 105 rupiah per share, raising 97.12 billion rupiah (approximately 8.6 billion KRW) in new funds.

Shinhan Investment Corp. Indonesia was established in December 2016 by acquiring a 99% stake in the Indonesian securities firm Makinta Securities.

Lee Yong-hoon, head of the Indonesian subsidiary, stated, "The Indonesian capital market is rapidly growing due to industrial development and diverse corporate financing demands in the traditional investment banking (IB) sector. Our Indonesian subsidiary will be a strong partner not only for local large corporations but also for Korean companies entering Indonesia."

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