Waskita Beton eyes $402.5m from IPO in August

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JAKARTA (TheInsiderStories) – Indonesia precast and readymix producer, PT Waskita Beton Precast is seeking Rp5.27 trillion (US$402.50 million) from initial public offering (IPO) in this month. This will become the biggest IPO in this year at the Indonesia Stock Exchange (IDX).

Unit of state owned construction operator PT Waskita Karya Tbk (IDX: WSKT) offers 10.54 billion shares or 40 percent of enlarged capital with indicative price Rp400 to Rp500 per share.

According to CEO of the company CEO Jarot Subana, the proceed of the IPO will use for business expansion and working capital. The lead underwriter for

The company set the initial offering period will be held on August 10 to 26, the effective date on Sept 16, bookbuiding period on Sept 9 to 14 and to be listed on Sept. 16.

Jarot explained, until April 2016, the revenues of Waskita Beton recorded Rp1.8 trillion with net profit Rp400 billion and by the end of this year to reached Rp4 trillion and Rp816 billion in net profit.

The capacity production is targeting to reached 2.65 million ton by the end of this year and will increases to 3.8 million ton by 2018.

Contracts targeting to reach Rp8 trillion and in the first half of 2016 has reached Rp6.5 trillion. Several projects managed by Waskita Beton are Pejagan-Pemalang Toll Road and Cimanggis – Cibitung Toll Road.

Waskita Beton founded in 2014 and owned 100 percent by Waskita karya. The underwriter for the IPO, PT Bahana Securities, PT Mandiri Sekuritas and PT Danareksa Sekuritas.

President Director of Indonesia Stock Exchange Tito Sulistyo optimist to list 35 companies in this year. While, chief of commissioner for capital market of Financial Services Agency Nurhaida explained, until August 8, the public offering proceed through IPO, rights issue and bond issuance worth Rp71.68 trillion.

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Source: The Insiderstories
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