Oct 25, 2010

Borneo IPO price at Rp980-Rp1,280

Hard coking coal producer PT Borneo Lumbung Energi & Metal Tbk (BORN) today has set the IPO price at Rp980-Rp1,280 per share.
During a public expose and due diligence meeting, a source familiar with the matter said Borneo plans to snap up Rp3.26 trillion-Rp4.26 trillion from the IPO of 3.33 billion new shares.
CIMB Securities, Credit Suisse, and Morgan Stanley are the IPO underwriters for Borneo Lumbung Energy.
BORN plans to use 50% of the IPO proceed for debt refinancing, to Sinarmas Sekuritas, CIMB Bank, and RZB Bank. 
About 35% of the proceed is intended to support capital expenditure, and 15% is for working capital and general corporate purposes. Borneo Lumbung Energi mandates CIMB Securities, Credit Suisse, and Morgan Stanley as joint underwriters. Roadshow is scheduled on October 25-November 9 2010, pricing is scheduled on November 10, and listing date is estimated on November 29 2010.

Disclosure: No position at the stock mentioned above.

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