Dec 27, 2010

Megapolitan sets IPO at Rp250

Property player PT Megapolitan Developments Tbk has set  the IPO price at Rp250 per share, the top level of the range previously offered at Rp150-Rp250 per share. Following the IPO price, Megapolitan will snap upRp212.5 billion proceed/
The company plans to issue 850 million shares will be released to the public. Ferry Sudjono, President Director of PT Henan Putihrai, Megapolitan's IPO underwriter, confirmed the final price. "Based on the book building, Megapolitan IPO is set at Rp250 per share," he said.
President Director of Megapolitan Melani Lowas previously said most of the IPO proceeds will be used for business development, and the rest to be allocated for the company’s working capital.
"The IPO will be held to fund the company’s business expansion considering the potential growth in property sector next year," he said/
Of the total IPO funds, about 36% will used to develop apartment projects, lifestyle centers, and hypermarkets at Puri Cinere, Depok and 24% will be used for funding the construction of infrastructure facilities in Cimandala Sentul City.
Whereas, 27% of the fund will be used to develop housing and shopping center at Sentul Tatya Asri. Then the other 5% will be allocated for development of Graha Cinere Depok residential, and the rest for adding working capital, especially for employees' salaries.

Disclosure: No position at the stock mentioned above.  

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