Mar 28, 2011

Mitrabahtera downsizes IPO to 10.2%

Indonesian coal tug and barge operator PT Mitrabahtera Segara Sejati Tbk (MBSS), a company that is soon to be majority owned by PT Indika Energi Tbk (INDY), today reported a 18.60% downsize of its initial public offering (IPO) to 175 million shares or 10.2% of its enlarged capital paid in with the IPO price at Rp1,600 per share.
Referring to the price, Mitrabahtera may secure Rp280 billion proceed, a drop from the previous plan of Rp344 billion.
Previously, Mitrabahtera came with initiative to raise Rp344 billion proceed by selling 215 million shares or 12.3% stake. The company is scheduled to list initial shares at Indonesia Stock Exchange on April 6 2011. 
In an additional prospectus published today, PT OSK Nusadana Securities Indonesia and PT Mandiri Sekuritas are lead underwriter for the IPO. During the underwriting agreement, OSK Nusadana and Mandiri Sekuritas are both committed to underwrite 87.20 million shares or Rp139.52 billion respectively. PT Amantara Securities, PT Andalan Artha Advisindo, PT Lautandhana Securindo, PT Minna Padi Investama, PT NC Securities, and PT NISP Sekuritas have committed to underwrite 100,000 shares each.

Disclosure: No position at the stock mentioned above.  

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