PT Kim Eng Securities, as the only allotment manager for initial public offering (IPO) of edible oil producer PT Salim Ivomas Pratama Tbk (SIMP), will allocate 1% or 31.63 million shares worth Rp34.79 billion for pooling allotment during offering period scheduled on May 30- June 1 2011.
The remaining shares or 99% of the IPO size or 3.13 billion shares worth Rp3.44 trillion will be set for the fixed allotment, an additional prospectus of the IPO said.
Salim Ivomas will sell 3.16 billion new shares during the IPO at Rp1,100 per share, entitling the company with Rp3.49 trillion proceed.
Kim Eng Securities, PT Deutsche Securities Indonesia, and PT Mandiri Sekuritas, the lead underwriters of the IPO, is in full commitment to underwrite 3.14 billion shares or 99.27% of the size worth Rp3.45 trillion. The remaining 19 underwriters are fully committed to underwrite 23.10 million shares or 0.73% of the size worth Rp25.41 billion.
Salim Ivomas will use 51% of the proceed to settle bank loan facilities, 39% will be utilized to support plantation division, and the remaining will go to edible and fatty divisions.
Disclosure: No position at the stock mentioned above.
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