Nov 1, 2010

Wintermar Offshore to offload 25.35%

PT Wintermar Offshore Marine Tbk plans to offload 900 million new shares or 25.35% during initial public offering (IPO) scheduled on November 26 2010 with total proceed of Rp357.63 billion. Wintermar also aims to provide 90 million warrants series I.
Three lead underwriters PT Ciptdana Securities, PT Bahana Securities, and PT CIMB Securities Indonesia help the IPO.
According to the IPO prospectus, Wintermar plans to use 71.8% of the IPO proceed or Rp256.62 billion to support purchasing of new boats. 
Wintermar will use15.5% or Rp55.51 billion from the IPO to pay debts of subsidiaries to Bank Negara Indonesia and Bank CIMB Niaga. About 12.7% or Rp45.50 billion of the proceed will be used as working capital. 

Disclosure: No position at the stock mentioned above.
 
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