Oct 9, 2010

Tower Bersama sets IPO at Rp2,025

PT Tower Bersama Infrastructure Tbk has set the IPO price at Rp2,025 per share, generating Rp1.53 trillion cash for the company.
Rajiv Louis, Head of Indonesia's Investment Banking at UBS Securities, said the market demand is very strong. "The book was almost 6 times covered," he told Insider Stories this evening.
According to him, Tower Bersama will be the largest tower provider in Asia. "UBS is proud to be associated with the company. We believe in time this will be a tower company to rival the bast in class tower companies in the world," he said.    
Tower Bersama has appointed two underwriters UBS Securities dan PT Indo Premier Securities. Tower Bersama plans to issue 755 million new shares or 15.86% through an initial public offering (IPO) at the price range of Rp1,675-Rp2,100.
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 up Rp569.08 billion-Rp713.48 billion.
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.

Disclosure: No position at the stock mentioned above.

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