|
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.
|
|
|
There are no reactions on this blog entry yet. Be the first one to give a reaction here!
|
Log in to write a reaction
|
You are not logged in to the website. You have to be logged in to write a reaction on this blog entry.
· If you already have an account, please login.
· If you have lost your password, please retrieve it.
· If you don't have an account yet, you can create one.
|
|
|
ABOUT THIS ENTRY |
Add this blog entry to your email, your own blog, MySpace, Facebook, or whatsoever via AddThis:
|

Login if you want to receive emails for reactions on this blog entry. You will receive an update as soon as a reaction on this blog entry is posted.
|
|
Looking for e-tickets for flights in Indonesia? Here's your solution! Order your e-tickets at ticketindonesia.info.
|
BLOG ARCHIVE |
· 2015, 28 entries
· 2014, 591 entries
· 2013, 750 entries
· 2012, 1061 entries
· 2011, 792 entries
· 2010, 644 entries
· 2009, 916 entries
· 2008, 504 entries
· 2007, 725 entries
· 2006, 1014 entries
· 2005, 723 entries
· 2004, 558 entries
· 2003, 525 entries
· 2002, 375 entries
· 2001, 162 entries
|
POPULAR TAGS |
Automatically generated every hour
|
EXCHANGE RATES |
@ 17 May 2018 18:12 CET
|
@ 17 May 2018 21:58 CET
|
@ 15 May 2018 08:42 CET
|
@ 07 May 2018 07:48 CET
|
@ 16 May 2018 09:18 CET
|
@ 17 May 2018 00:46 CET
|
|
Go to 'exchange rates' |
|