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Home  >>   Daily News  >>   Indonesia  News  >>   Investment  >>   Three more companies plan IPO
NEWS UPDATES 31 August 2010

Three more companies plan IPO

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Oil and gas company Borneo Lumbung Energi, gas stove manufacturer Aditec Cakrawiyasa and retail firm Midi Utama have asked for approval to sell a part of their shares to the public.

The three companies join other eight companies that earlier received approval to launch their initial public offering (IPO) during the second half of this year, the Indonesian Stock Exchange said

Based on documents filed at the IDX by Borneo, the company would offer 25 percent of its shares to the public later this year. The company expects to raise between Rp 2 trillion (US$222 million) and Rp 3 trillion from the IPO.

CIMB Securities president director Bernard Thien previously said his company had been appointed as one of the underwriters for Borneo’s IPO, in addition to Credit Suisse and Morgan Stanley.

At least eight other companies have announced their IPO plans this semester, including national flag carrier Garuda Indonesia, state steel company PT Krakatau Steel, Indofood’s instant noodle unit Indofood CBP, coal miner Harum Energy, Bumi Resources’ non-coal unit; Bumi Resources Mineral, telecommunications infrastructure company Tower Bersama and securities firm Minna Padi Investama.

Indofood CBP, the instant noodle unit of the world’s largest producer of instant noodles, Indofood Sukses Makmur, last week announced it had received approval from the stock market authorities to list 20 percent of its shares, or 1.16 billion shares, on the stock exchange on October 7.

Meanwhile, Podomoro said it expected to raise between Rp 2 trillion and Rp 3 trillion from the sales of its 30 percent shares in the IPO.

The company has named Mandiri Sekuritas abd Indopremier Securities as local underwriters for the IPO, while Deutsche Bank Securities has been chosen as the international underwriter.


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