Dec 6, 2010

Bumi Minerals IPO demand 29.89 folds

Non-coal miner PT Bumi Resources Mineral Tbk (BRMS) initial public offering (IPO) experienced an oversubscribed up to 29.89 times.
Executive Director of PT Danatama Makmur, BRMS's IPO main underwriter, Vicky Ganda Saputra said after the shares offering period, which was held simultaneously nationwide from 30 November-2 December for the potential investors, recorded the number of reservation on centralize allotment allocation (pooling) were oversubscribed up to 29.89 times.
Bumi Minerals is a wholly owned subsidiary of Indonesia's largest thermal coal producer PT Bumi Resources Tbk (BUMI).
Besides Danatama, Nomura Indonesia also appointed as the joint leader underwriters while Credit Suisse, JP Morgan and Nomura International were appointed as the International Selling Agents.
"During the three days of shares offering, we booked 2,200 public investors subscribed with the price fixed at IDR635 per share," as he said.
With IDR635 offering price per share and warrant exercise price fixed at IDR700 per warrant, he continued, the company might gain IDR3.6 trillion from the 3.3 billion shares or 18.16% from the company total shares offered to public.

Disclosure: No position at the stock mentioned above.

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