Mar 1, 2011

Mitrabahtera sets IPO Rp1,500-Rp1,900

Indonesian coal tugs and barges operator PT Mitrabahtera Segara Sejati Tbk (MBSS) has set the IPO price at Rp1,500 to Rp1,900 per share.
In the initial public offering, the company plans to dispose 215 million shares, or 12.3% of company's total shares. Given the offering price, Mitrabahtera expects to generate fresh fund as much as Rp322.50 billion to Rp408.50 billion.
The underwriters appointed in Mitrabahtera's IPO are PT OSK Nusadana Securities and PT Mandiri Sekuritas.
MBSS will use all the IPO proceed to underpin some financing of 20-30 additional new tug boats and barges or crane in 2011 and 2012. The operator also intends to use bank loan facility to support the financing. MBSS plans to buy tug boats with capacity of 1,200 horse power (HP)-2,800 HP, barges with capacity of 270 feet-365 feet, and floating crane with capacity of 20,000 tons-45,000 tons a day.

Disclosure: No position at the stock mentioned above.  

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