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Friday May 9, 2008
Coal firm launches IPO worth US$300m
HONG KONG: Indonesian coal producer PT Indika Energy yesterday began marketing an initial public offering (IPO) to raise up to US$300mil ahead of a June 18 listing in Jakarta, according to a term sheet obtained by Reuters.
The company, is selling about 937.3 million shares, or 18% of its enlarged share capital, at 2,300 - 2,950 rupiah each in a deal handled by Citigroup, Deutsche Bank, Mandiri Sekuritas, Danareksa Sekuritas and Indo Premier Securities.
An over-allotment option would expand the deal by 104.1 million shares, or 11%. The company is set to kick off a global marketing roadshow in Singapore tomorrow, with final pricing set for May 23.
Indonesian firms raised a combined 17.5tril (US$1.9bil) rupiah from IPOs last year, nearly six times the total in 2006. Proceeds of the Indika deal will be used for general corporate purposes. – Reuters
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