Jul 1, 2011

Alkindo Naratama sets IPO at Rp225

Paper tube, paper core, and honey comb producer PT Alkindo Naratama Tbk has set the final price of its initial public offering (IPO) at Rp225 a share, entitling the company with Rp33 billion proceed.
"We obtain 3 folds oversubscribe. We hope the IPO will obtain effective statement from Bapepam-LK on June 30 and could list on July 12," Toto Sosiawanto, Senior Vice President at PT Erdikha Sekuritas, told Insider Stories recently.
Previously, Alkindo Naratama was offered at Rp225-Rp300 per share during IPO. Alkindo, which is majority owned and founded by Herwanto Sutanto and Lili Sutanto, is selling 150 million new shares or 27.27% of its enlarged capital, enabling the company to raise Rp33 billion-Rp45 billion proceed.  The company will use the proceed to settle debt to two banks, land investment, and working capital. 

Disclosure: No position at the stock mentioned above.
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