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JAKARTA - The Indonesian government is selling a 30 percent stake in PT Jasa Marga, the leading state toll road operator, at an IPO targeted at the top of the range to raise some 267 million euro. This makes it the fourth largest IPO in Indonesia since the Asian financial crisis in 1997-1998. The deal is the second sale of an Indonesian government owned company this year. Earlier PT Bank Negara Indonesia (BNI) had raised some 537 million euro, of which 43 percent went to the state coffers. The sale cut the government’s stake in BNI from 99.1% to about 73%.
The offering of Jasa Marga's shares had a slow start, party due to a long holiday during the roadshow, but the deal picked up at the end and when it closed just last Friday, it was more than four times oversold. About 80 parties signed in, according to sources. This enabled the company to set the price at the high end of the range at 1,700 Rupiah per share (13 eurocent) with an initial range of 1,400 to 1,800 Rupiah per share.
The company sold 2.04 billion new shares, or 30 percent of the total capital, in which the government stake went down from 100 to 70 percent. Around 40 percent of the stake was sold to international investors. Credit Suisse and UBS were the lead managers for the international tranche and were also joint bookrunners together with Bahana Securities, Danareksa Sekuritas and Mandiri Sekuritas.
PT Jasa Marga operates some 500 kilometer of toll roads, 78 percent of all toll roads in Indonesia. They are in 13 different concessions from the government. They are awarded to construct another three toll roads which will connect to the current system and another 119 kilometers of roads. About half of the proceeds of the IPO will be used to construct the new roads while remaining funds will be used to handle increasing traffic capacity on some existing roads.
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