Feb 6, 2012

Petrosea plunges 19.78% on share sale

Coal contracting PT Petrosea Tbk (PTRO) today steeply plunged 19.78% to Rp36,100 a share, approaching the shares sale price at Rp36,000.
Energy integrated company PT Indika Energy Tbk (INDY) set the price for shares sale of Petrosea 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.

Disclosure: No position at the stock mentioned above.

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