Nippon Indosari Sets IPO Price at Rp 1,275

Indonesia Finance

Monday, 21 June 2010 16:16

PT Nippon Indosari Corpindo, which produces bread products including the well-known Sari Roti brand, sets price for its initial public offering's shares at Rp 1,275 per share, expecting to raise proceeds of Rp 193.6 billion.

The company earlier said it plans to offload 151,854,000 shares to market, representing about 15 percent of its share capital.

The company said in a prospectus published on Monday that after the IPO, the stakeholding of two main shareholders (Bonlight Investments Limited and Treasure East Investments Limited) in the company will be cut to 34 percent each from current 40 percent each. Sojitz Corporation and Shikisma Baking that holds a 10 percent each will also face a stake reduction to 8.5 percent each.

75 percent Of total IPO proceeds will be used for building new factories while the rest will be used for repaying bank' loan.

PT OSK Nusadana Securities Indonesia is acting as underwriter for the offering which is scheduled for June 22 to June 23. Listing at stock exchange is scheduled for June 28.

Nippon Indosari is classed as a foreign investment company. It began operations in 1996, and is now the largest bread producer in the country. The company operates two factories. One in the Jababeka industrial estate in Cikarang, West Java, and another in an industrial area in Pasuran, East Java.

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