Oct 31, 2011

Atlas Resources sets IPO at Rp1,500

Coal miner PT Atlas Resources Tbk has set its initial public offering (IPO) at Rp1,500 per share, entitling the company with Rp1.22 trillion proceed.
During the book building, Atlas Resources also obtained strong demand, making the offer experiences oversubscribe of 2.5 folds.
The company is planning to upsize the IPO by 3.5% to 811.33 million shares from the initial plan of 783.33 million shares.
Atlas Finance Director Dono Boestami, as quoted by Bisnis Indonesia today, said the company will exercise a green shoe option of 28 million shares. The company is allocating 117.5 million shares for the option or 15% of the IPO size. PT UBS Securities Indonesia and PT Indo Premier Securities are the IPO underwriters.
The company plans to spend US$105 million up to 2013 as capital expenditure. About 60% of the capex will be spent next year.

Disclosure: No position at the stock mentioned above. 

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