Coal miner PT Golden Energy Mines Tbk (GEMS), wholly owned subsidiary of PT Dian Swastatika Sentosa Tbk (DSSA), plans to float 1.25 billion shares or 20% stake during initial public offering (IPO).
Hermawan Tarjono, Golden Mines Corporate Secretary, said the IPO will be offered at Rp2,300-Rp3,500 per share, enabling the company to seize Rp2.87 trillion-Rp4.3 trillion proceed.
An affiliated brokerage PT Sinarmas Sekuritas has been appointed to be the IPO underwriter. Golden Mines has also mandated ANZ Singapore as financial adviser to obtain strategic partners for the miner. Golden Mines is in serious talks with several potential investors, especially from India and Korea.
Disclosure: No position at the stock mentioned above.
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