Indonesia's largest steel manufacturer today sets the IPO price range at Rp800-Rp1,150 per share.
During a public expose and due diligence meeting today, State-Owned Enterprises Minister Mustaba Abubakar confirmed that the IPO price is a little bit higher than Posco valuation.
"It is not expensive. But it is true that Krakatau Steel valuation is higher than Posco. But, we believe market could absorb the shares," he said. Krakatau Steel plans to offload 20% stake during IPO.