Jan 3, 2011

Megapolitan sets IPO at Rp250/share

Property developer PT Megapolitan Developments Tbk has determined the IPO price at Rp250 per share, enabling the company to grab Rp212.50 billion proceed.
Megapolitan plans to issue 850 million shares or 25.37% stake during the IPO with nominal price at Rp100 per share.
In the additional IPO prospectus published today, about 60% of the proceed will be used by Megapolitan to develop projects such as Puri Cinere, Depok, and Cimandala City, Sentul, which will be contructed by its subsidiaries.
About 40% of the proceed will be used to develop housing, commercial office buildings, and infrastructure projects.
PT Henan Putihrai, the IPO lead underwriter, has committed to underwrite 402.93 million shares or 47.40%. Megapolitan's remaining shares will be underwritten by 30 different brokerages.
Post IPO, PT Cosmopolitan Persada Developments controls 66.77% stake, Lora Melani Lowas Barak Rimba holds 3.93%, Sudjono Barak Rimba holds 3.93%, and public shareholders own 25.37%.

Disclosure: No position at the stock mentioned above.  

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