Sep 27, 2010

Tower sets IPO price Rp1,675-Rp2,100

PT Tower Bersama Infrastructure Tbk, a provider of telecommunication towers, is planning to issue 755 million new shares or 15.86% through an initial public offering (IPO) at Rp1,675-Rp2,100 per share or Rp1.26 trillion-Rp1.59 trillion.
The IPO is scheduled to take place on October 26, 2010. Following the IPO, PT Provident Capital and PT Wahana Anugerah Sejahtera, Tower Bersama's existing shareholders, will divest 339.75 million shares or 7.14%, snapping Rp569.08 billion-Rp713.48 billion.
Agung Prabowo, Managing Director of PT UBS Securities Indonesia, said the divestment will be held at the same level price of IPO.
In an IPO prospectus published today, it is stated that Tower Bersama is preparing a green shoe option, with 113.25 million shares to stabilize the price within 30 days after the IPO.
The additional shares for green shoe option belong to Provident Capital and Wahana Sejahtera, holding 29.07% shares before the IPO.
Tower Bersama has appointed two underwriters UBS Securities dan PT Indo Premier Securities.
According to the plan, 30% fund gathered from the IPO will be utilized as the capital expenditure to support acquisition, while the rest will be allocated for constructing telecommunication towers in several sites. 

Disclosure: No position at the stock mentioned above.

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