Jan 14, 2011

Telesindo Shop eyeing Rp200 bio IPO

Cellular distributor PT Telesindo Shop has mandated PT Sinar Mas Sekuritas as lead underwriter of initial public offering (IPO) scheduled in the second quarter of this year.
"We aim to dispose 20% stake during the IPO with the proceed target of Rp200 billion. We have fully considered the target and have picked Sinar Mas Sekuritas as the underwriter," said Telesindo President Director Henky Setiawas, as quoted by Investor Daily, today.
Previously, Telesindo decided to delay the IPO as it had to revised down the IPO size. Initially, the company was eager to list 30% shareholding at Indonesia Stock Market in December last year with the proceed of Rp300 billion.
According to Hengky, Telesindo will propose the IPO documents to IDX in March, using the first quarter financial report.
Adding to that, the company has also appointed an independent accountant to audit its financial statement. Based on its financial report last year, revenue from Ti-Phone and Telesindo reached Rp5 trillion with Rp100 billion net income. 
Along with Telesindo, PT Sidomulyo Selaras and PT Mitra Bahtera Segara Sejati also plan to enroll the stock market in the first quarter of 2011.

Disclosure: No position at the stock mentioned above.
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