A steel manufacturer PT Saranacentral Bajatama aims to float a maximum of 30% stake during initial public offering in the last quarter of this year.
Sarana Bajatama has appointed PT Makinta Securities as the IPO lead underwriter with a target proceed of Rp120 billion-Rp150 billion.
Makinta's Investment Banking Director Harry Kurniawan said Sarana Bajatama will use the IPO proceed to construct production facilities. However, he declined to explain about the plan. Makinta and Sarana have presented the IPO in front of Indonesia Stock Exchange and will file the documents in October.
Disclosure: No position at the stock mentioned above.
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