Oct 26, 2010

Tower Bersama jumps 14.81% on debut

PT Tower Bersama Infrastructures Tbk (TBIG) today skyrockets 14.81% or IDR300 per share to IDR2,325 on trading debut at Indonesia Stock Exchange (IDX).
Tower Bersama downsized the IPO size from a maximum of 755 million shares or 15.86% stake to about 551.11 million shares or 12.09% stake at Rp2,025 per share, enabling the company to snap up Rp1.12 trillion.
Referring to Tower Bersama's IPO prospectus, when the IPO is oversubscribed, the company's shareholders dubbed PT Provident Capital Indonesia and PT Wahana Anugerah Sejahtera provide an option to the IPO underwriters to hold over allotment option of 82.67 million shares.
The shares, will be provided by Provident Capital and Wahana Sejahtera, will take about 15% of Tower Bersama's IPO size.
PT UBS Securities Indonesia and PT Indo Premier Securities are lead underwriters for the IPO, and PT DBS Vickers Securities Indonesia is the IPO underwriter.
On behalf of Tower Bersama, UBS Securities is in charge as allotment manager during the IPO.
Fixed allotment will take 98% of the IPO size or 540.08 million shares and the remaining shares or 11.02 million shares will be distributed for pooling allotment.
Besides the IPO, Provident Capital and Wahana Sejahtera aim to place 339.75 million shares to long-term investor, hedge funds, and wealth management. Provident and Wahana Sejahtera will place 169.88 million shares and 169.88 million shares respectively. 

Disclosure: No position at the stock mentioned above.

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