Jan 2, 2011

Martina Berto sets IPO at Rp740

Cosmetics maker PT Martina Berto Tbk determined the IPO price at Rp740 per share, enabling the company to bag Rp262.70 billion cash from the IPO of 355 million new shares or 33.17% of its capital.
In the IPO prospectus published recently, Martina Berto will use 54% of the proceed or Rp135 billion to construct new cosmetics facility in Cikarang, including machinery purchase and production equipments. 
About 22% of the proceed or Rp54 billion will be used by Martina Berto to pay existing loan to PT Bank CIMB Niaga Tbk, and 24% or Rp61 billion will be utilized as working capital such as renovation of warehouse and buildings, development of technology information infrastructure, and research and development.
PT Trimegah Securities Tbk (TRIM), as the only lead underwriter, has committed to underwrite 342.98 million shares or 96.62% and the remaining shares will be underwritten by 47 different securities houses.
Post IPO, public shareholders will hold 33.17% stake, whilr PT Marthana Megahayu Inti controls 66.82%, PT Marthana Megahayu and PT Bringin Wulanki Ayu hold 5 shares respectively. 

Disclosure: No position at the stock mentioned above.  

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