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ASEAN PROFILES ASEAN KEY DESTINATIONS ![]()
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Seven Indo companies set for IPOs
The companies that have already signalled a commitment to float their shares on the local exchange include state-owned steel producer Krakatau Steel, Indofood’s instant noodle unit Indofood CBP, coal miner Harum Energy, national flag carrier Garuda Indonesia, Bumi Resources Mineral, telecommunication infrastructure firm Tower Bersama, property developer Agung Podomoro and securities firm Minna Padi Investama. Indonesia stock exchange (IDX) director for corporate listing Eddy Sugito said Wednesday that more than Rp 20 trillion could be raised in 2010 initial listings as bigger IPOs were scheduled for the second half. According to The Jakarta Post’s calculation from official sources, more than Rp 20 trillion (US$2.24 billion) could be raised in the second half alone. Krakatau Steel and Indofood CBP have said that they would raise up to RP 5 trillion respectively, Harum Energy plans to raise up to Rp 4 trillion and Garuda Indonesia and Bumi Resources Mineral also aimed to gather about Rp 3 trillion each through their IPOs. Analysts said the solid performance of the local stock market during the first half of the year had lured more companies into the equity market. The Jakarta Composite Index, the main price barometer at the local exchange, has climbed about 20 percent year to date, outperforming regional stock markets and other major indices. Japan’s Nikkei has fallen 10 percent, New York’s Dow Jones is flat, down only 0.5 percent, and Singapore’s Straits Times is up 3.5 percent so far this year. The healthy performance of the Indonesian economy during the first half has attracted inflows by foreign investors, the dominant factor helping push up share prices. Citi Securities head of research Alex Wreksoremboko said foreign investors’ confidence in the Indonesian economy significantly improved in recent months due to the solid performance of the country’s economy as indicated by the healthy economic growth and relatively low inflation.
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