13 Oktober 2010
Krakatau Steel to Raise Rp 3.63T in November IPO

State-owned Krakatau Steel expects to raise between Rp 2.52 trillion and Rp 3.63 trillion (US$406.5 million) from an initial public offering (IPO) scheduled for next month, the company�s underwriter says.

Marciano Herman, president director of Danareksa Sekuritas, the co-underwriter of the steel company�s IPO, said in Jakarta on Tuesday that the country�s steel producer would sell 3.15 billion new shares or about 20 percent of the company�s enlarged stocks at a price range of between Rp 800 (US 80 cents) and Rp 1,150 a piece during the IPO.

With such a price range, the company expected to generate between Rp 2.52 trillion and Rp 3.63 trillion, he said during the public expose of the steel company�s IPO plan. The company�s IPO will be the second largest this year after Indofood CBP Sukses Makmur (ICBP), which raised about Rp 6.3 trillion in early October.

Mandiri Sekuritas and Bahana have also been named co-underwriters of the IPO, while Credit Suisse and Deutsche Bank will act as international selling agents for the shares offering.

(The Jakarta Post)

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