Nov 9, 2011

Greenwood Sejahtera unveils 35% IPO

PT Greenwood Sejahtera Tbk today announced a 3.34 billion new shares or 35% of its outstanding shares IPO scheduled on December 15 2011.
In an official prospectus published today, Greenwood has mandated three lead underwriters PT HD Capital Tbk, PT Danareksa Sekuritas, and PT Mandiri Sekuritas. The lead underwriters have put their full commitment for the IPO. According to the proceed usage, Greenwood will use 50% of the proceed to buy land bank for development of The City Center-Batavia second and third stages and 20% will be used to develop new property projects or acquire property companies. The remaining is intended to meet the company's working capital.
Post the IPO, Greenwood will be owned by PT Prima Permata Sejahtera of 45.99%, PT Kencana Graha Nusamandiri of 19.01%, and public shareholders of 35%.
In the first 7 months of this year, Greenwood posted Rp78.78 billion, a 1,844.87% surge from net loss of Rp4.52 billion. Operating revenue was Rp118.20 billion, a 632.68% jump from Rp16.13 billion. 
Greenwood has several subsidiaries such as PT Sentra Graha Kencana, PT Prakarsa Nusa Cemerlang, PT Arah Sejahtera Abadi, PT Manggala Gelora Perkasa, PT Billiant Sakti Persada, PT Citra Gemilang Nusantara, and PT Pluit Propertindo.
Dividend policy
The prospectus said Greenwood is planning to distribute a cash dividend of a maximum 30% of its net income starting from 2012.

Disclosure: No position at the stock mentioned above.
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