PT Solusi Tunas Pratama Tbk has determined its initial public offering within the price range of Rp3,200-Rp3,800 per share.
With the issuance of 100 million shares, Solusi Tunas will entitle Rp380 billion of the IPO proceed. Ferry Budiman Tanja, President Director of PT Ciptadana Securities, as quoted by detikfinance.com today, said the lead underwriter of the IPO, said Solusi Tunas will dispose 16.7% stake. The company also aims to allocate a 5% of the IPO for management and employees
Solusi Tunas will use 35% of the IPO proceed to establish telecommunication towers starting from 2011 to 2013 in Jabodetabek, Bali, and Sumatra. About half of the proceed will be used by the company to acquire towers and the remaining is allocated for working capital. Solusi Tunas schedules the IPO on October 11 2011.
Disclosure: No position at the stock mentioned above.
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