Oct 28, 2010

Agung Podomoro IPO price at Rp365

Property developer PT Agung Podomoro Land Tbk has set the IPO price at Rp365 per share, Rp15 higher than the lowest level of the indicative price range at Rp350 per share.
A source close to the deal said Agung Podomoro enables to bag Rp2.24 trillion proceed from the IPO.
"During the book building, Agung Podomoro drew 4 folds higher demand than the initial size," the source told Bisnis this morning.
Agung Podomoro plans to offload 6.15 billion shares or 30% during the IPO. Director of PT Indo Premier Securities The Moleonoto recently said the target price is set at 13 to 17 times of the price to earning (P/E) ratio.
The share valuation determined by the company's underwriters, as he continued, is still cheaper than price of other property's shares in the area.
Indo Premier join with PT Mandiri Sekuritas act as the company's underwriters. On the other hand, Deutsche Bank and JP Morgan will help to offer the shares to foreign investors.
Disclosure: No position at the stock mentioned above.
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