Feb 6, 2012

Indika gains 246% on Petrosea sale

Energy integrated company PT Indika Energy Tbk (INDY) finally set the price for shares sale of PT Petrosea Tbk (PTRO) at Rp36,000 a share, giving Indika a Rp738 billion gain or more than 200% capital gain.
Director Wishnu Wardhana at Indika, as quoted by Bisnis Indonesia today, said the company has placed 28.99 million shares or 28.75% stake in Petrosea to public investors at Rp36,000 a share. From the shares sale, Indika has bagged Rp1.04 trillion proceed.
In 2009, Indika held a tender offer for the remaining shares in Petrosea at Rp10,402 a share, giving a 246% capital gain for the 3 years investment.
However, a source familiar with the matter said the final price is below the initial range previously set by Indika and two joint bookrunners for the placement, Citi and Macquarie.
"During a book building, Citi set the shares placement within the range of Rp44,500-Rp51,500 a share, reflecting a 6.7x-7.7x PER in 2012," the source told Insider Stories.
During the sale, Indika also provides a greenshoe option of 3.75% stake into the shares placement. Citi and Macquarie schedules to price the sale on February 2 2012.

Here are the complete term sheet of Petrosea shares placement:
Deal terms:
Issuer:  Petrosea
Selling shareholder:  Indika Energy
Type of offering: Global Offering
Listing: Main Board of The Indonesian Stock Exchange
Current shares o/s: 100,860,500 secondary shares
Base offer: 25,215,000 secondary shares (25% of existing shares)
Greenshoe option: 3,782,000 secondary shares (3.75% of existing shares)
Board lot: 500 Shares
Joint Bookrunner: Citi and Macquarie
Fees: 1% brokerage plus usual market charges
Selling restrictions   United States - only to QIBs
Rest of the world - Reg S Cat. 1 accounts, Institutional professional investors only. Not for distribution into Japan, Canada and PRC
Lock-up: 180 days lock-up on the remaining stake of the selling shareholder

Timetable:   
Management bookbuilding
Jakarta:  25 Jan 2012
Kuala Lumpur: 26 Jan 2012
Singapore: 27 Jan 2012 and 30 Jan 2012
Hong Kong: 31 Jan 2012 and 1 Feb 2012
London: 2 Feb 2012
Pricing: 2 Feb 2012
Trade date: 3 Feb 2012
Settlement: 8 Feb 2012


Disclosure: No position at the stock mentioned above.

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