PT DBS Vickers Securities Indonesia finally fled from underwriting commitment of PT Metropolitan Land Tbk (Metland)'s IPO, leaving its partner PT Danareksa Sekuritas.
Replacing DBS Vickers, Danareksa and Metland have appointed another new lead underwriter, PT Nikko Securities Indonesia, an official additional of IPO prospectus said today.
If you check the first IPO prospectus, Danareksa should team up DBS Vickers as the lead underwriter. It seems weird that DBS Vickers fled the IPO deal after the prospectus was announced. What was the reason? Was it related to the IPO downsize as weak demand?
Metland set the IPO price at Rp240 a share, entitling the company with a proceed of Rp454.76 billion. Previously, the company offered the IPO at Rp240-Rp300 a share.
The company has downsized the size to 1.89 billion new shares or 25% of its enlarged capital from 2.27 billion shares of 30%.
The offering is set on June 13 until June 15, 2011, whilst the allotment is targeted on June 16, 2011. The listing is scheduled on June 20, 2011.
Disclosure: No position at the stock mentioned above.
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