Dec 21, 2011

Saranacentral jumps 10% in listing debut

Steel plate maker PT Saranacentral Bajatama Tbk climbed 10% to Rp275 a share from initial level at Rp250 during its listing debut at Indonesia Stock Exchange today. Saranacentral, the 24-th newly listed company this year, sold 400 million shares or 22.22% stake. 
From the IPO, the company bagged Rp100 billion proceed. It plans to use half of the proceed to develop production capacity and the remaining is intended as working capital. PT Makinta Securities is the lead underwriter for the IPO. Saranacentral will boost its revenue and net profit target next year, which is in line with the production ramp-up.
Commissioner Ibnu Susanto at Saranacentrak said the company is scouting a 150% increase in net profit to more than Rp100 billion in 2012 compared to Rp40 billion by end of this year.
Revenue is estimated to rose 135.29% to Rp2 trillion in 2012 from the projection of Rp850 billion this year. The production of galvanized steel and saranalume steel is expected to rise to 150,000 tons a year in 2012 from the current capacity of 80,000 tons.

Disclosure: No position at the stock mentioned above.

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