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Cikarang Listrindo set IPO price Rp1,500 a piece


Photo by Cikarang Listrindo

JAKARTA (TheInsiderStories) – Power producer PT Cikarang Listrindo set the initial public offering (IPO) at Rp1,500 a share to raises Rp3.75 trillion ($275.74 million), said several sources. Previously the company offered its 2.5 billion shares with a price range of Rp1,430 – Rp1,970 each.

According to the sources, the order book for the IPO oversubscribed dominantly or 90 percent comes from foreign investors, including Matthews International Capital Management, which has come in for $50 million.

The international roadshow was launched in Hong Kong and has wrap up on May 26. Indonesian retail investors will have a chance to place orders between June 7-8, a week before the stock goes live on the Indonesian Stock Exchange (IDX) on June 15.

The West-Java based firm is planning to use the IPO proceeds to expand its generation capacity and other general corporate purposes. Cikarang now in process to build a new 280 megawatt coal-fired power plant that is expected to complete by end of 2016.

Completion of the new plant will boost the company’s total installed capacity by 32% to 1,145 megawatts. Last year, Cikarang Listrindo and U.S General Electric inked a $600-million deal for power plant developments.

After and divest another 15 percent of stakes, portions of Cikarang’s existing shareholders will be diluted. PT Udinda Wahanatama will be reduced to 25.46 per cent from currently 36.38 per cent, while PT Pentakencana Pakarperdana and PT Brasali Industri holds 22.27 percent each from 31.81 per cent.

PT Indopremier Securities, PT Citigroup Securities Indonesia, PT Deutsche Securities Indonesia, and PT UBS Securities Indonesia are lead underwriters for the issue.

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Source: The Insiderstories
Cikarang Listrindo set IPO price Rp1,500 a piece

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