May 2, 2011

Jaya Agra IPO set at Rp480-Rp670

Diversified plantation company PT Jaya Agra Wattie Tbk is offering its primary shares during initial public offering at Rp480-Rp670 per share.
Referring to the range, the IPO proceed is expected to reach Rp542.4 billion-Rp757.1 billion. Jaya Agra will float 1.13 billion news shares or 30% of its enlarged capital on May 20 2011. 
Of the IPO size, Jaya Agra will allocate 10% for its management and employees. Jaya Agra plans to use 90% of the IPO proceed to underpin planting programs of rubber, palm oil, and the construction of refineries and other facilities in its subsidiaries through shares participation.
The company will utilize the remaining proceed for new land acquisition, working capital, and capital expenditure.
Jaya Agra has mandated PT Mandiri Sekuritas and PT OSK Nusadana Securities Indonesia as the lead underwriters. 
The owners
Post the IPO, Jaya Agra is owned by SKA with 21%, ALS with 9.02%, Utama Hadi Surya with 19.99%, Dwijaya Hadi Surya with 19.99%, public shareholders with 27%, and the company's management and employees with 3%.
Hadi Surya (Ong King Kie), born in Surabaya, founded tanker company PT Berlian Laju Tanker Tbk (BLTA) in 1981 with only two vessels namely Anjasmoro and Brotojoyo. 
Hadi Surya is now acting as President Commissioner of Berlian Tanker since 2000. Hadi Surya also has other businesses such as oil contractor PT Nusa Bumi Bhakti
Currently Jaya Agra manages and control 15 plantations across Java and Kalimantan. With the increasing growth of the company, Jaya Agra Wattie seeks continuously to add to it’s existing land size by obtaining new land areas or by acquiring existing plantation.  

Disclosure: No position at the stock mentioned above.

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