Salim family-owned bakery products maker PT Nippon Indosari Corpindo has set the IPO price at Rp1,275 per share, allowing it to grab Rp193.61 billion of cash from the stock market.
In the last public expose and due diligence meeting, Nippon Indosari had set the IPO price at Rp1,250-Rp1,500 per share.
Considering the price range, Nippon Indosari's IPO price is Rp25 higher than the lowest limit of the price range. Indonesian tycoon Anthony Salim controls 40% stakes in Nippon Indosari via Treasure East Investments.
Nippon Indosari is offering 151.85 million of shares or 15% stakes during the IPO. According to the prospectus published today, Nippon Indosari will use 75% of the IPO proceed to support financing of new factory in Medan and Semarang and the remaining will be utilized to pay loan of Rp65 billion to Bank Central Asia.Post IPO, Nippon Indosari will be controlled by Bonlight Investments Ltd of 34%, Treasure East Investments Ltd of 35%, Sojitz Corporation and Shikishima Baking Co Ltd own 8.5% respectively and public holders own 15%.
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