Bisnis.com, JAKARTA - Prospective issuer of PT Hoffmen Cleanindo Tbk.(KING) reportedly canceled its plans to go public on the capital market.The initial public offering (IPO) status of Hoffmen Cleanindo was recorded as canceled on the e-ipo.co.id page.Hoffmen previously planned to release 24.91 percent of the total listed shares.Meanwhile, the bookbuilding period will be held from May 17, 2022 to May 20, 2022.The Company provides an initial offering price of its shares between Rp. 165 to Rp. 170 per share.This means that the company can raise funds between Rp. 54.45 billion to Rp. 56.1 billion.Hoffmen Cleanindo is a company engaged in the business of providing cleaning services, security, washroom hygiene, and parking.KING previously planned to use all the proceeds from the initial public offering, aka IPO, after deducting 32.18 percent of securities issuance costs, to pay off debts to two banks.Furthermore, 6.39 percent increased equity participation in a subsidiary company, namely PT Hoffmen Parkindo which will be used as working capital to purchase supporting equipment such as water barriers, barrier gates, terminals gate (ticket dispenser), ticketing post, speed bump, IP camera, computer set, air conditioners and payment of employee salaries.Then, the remaining 61.43 percent will be used for working capital such as paying employee salaries, purchasing the Company's supporting equipment such as supporting equipment consisting of scrubber machines, blower machines, polisher machines, vacuum machines, scaffolding, fogging machines, lawn mowers, computer sets and for investment in cleaning robots.Meanwhile, the underwriters and admin participants were carried out by PT NH Korindo Sekuritas Indonesia.Check other News and Articles on Google NewsCheck out other news about the topic of this article, here:Join and get analysis of economic and business information via your email.