Sep 2, 2010

Harum Energy sets IPO Rp5,000-Rp6,300

Coal mining producer PT Harum Energy Tbk determined proceed from the initial public offering (IPO) at Rp3.25 trillion-Rp4.09 trillion from the offer 24% with prices Rp5,000-Rp6,300 per share.
President Director of Harum Energy Ray A. Gunara said that the IPO proceed is for the infrastructure investment as much as US$50 million, for adding the coals transporter armada as much as US$30 million, and the rest of it for working capital.
“We will also settle the debts from the IPO revenue. We estimate that the market may respond positively to our released stock," he said today.
In the IPO, PT Karunia Bara Perkasa (KBP) as the major shareholders will sell its shares up to 450 million. The rest of shares, i.e. 200 million, are new shares.
The company set targets to be listed in the exchange on 6 October. In that corporate action, the company will be assisted by two underwriters namely PT Ciptadana Securities dan PT Mandiri Sekuritas.
Two foreign securities companies will also involved in the shares selling of the coals listed company, i.e. Deutsche Bank and Goldman Sachs.
President Director Ciptadana Securities Ferry Budiman Tanja said the price that pegged reflected 7–9 times of price to earning ratio (P/E). He claimed that the ratio is lower than the P/E of similar companies that listed in the exchange.
Until the end of this year, the company set targets to be able to produces 7.4 million tons of coals. The amount is higher compared to 5.8 million tons last year.
The company booked revenue as much as Rp4.6 trillion in the end of last year, while the net income was Rp767 billion. Harum Energy will perform road show to several cities in Asia and Europe in order to offers its shares.

Disclosure: No position at the stock mentioned above.

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