PT Bumi Resources Minerals Tbk (BRM), non-coal subsidiary of Indonesia's largest thermal coal miner PT Bumi Resources Tbk (BUMI), today has set the IPO price at the range of Rp625-Rp635 per share, enabling the company to snap up Rp2.70 trillion-Rp2.74 trillion cash.
Bumi Resources Minerals plans to unload 4.32 billion shares or 25.53% stake at the nominal value of Rp625 per share during the initial public offering (IPO) scheduled on December 2 2010.
The company has also set the warrant price at Rp690-Rp700, representing Rp1.99 trillion-Rp2.02 trillion cash from 2.88 billion series I warrants issuance during the IPO.
Along with Bumi Resources Minerals IPO, Bumi Resources, as holder of mandatory convertible notes, will convert the notes into BRM shares at 5% premium above the IPO price in the next 3 months after listing scheduled on December 2 2010.
PT Danatama Makmur and Nomura have been mandated by Bumi Resources Minerals as joint lead underwriters with full commitment.
Disclosure: No position at the stock mentioned above.
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