Indonesian property developer Sitara aims to raise $39 mln in IPO

JAKARTA, June 17 Mon Jun 16, 2014 11:21pm EDT

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JAKARTA, June 17 (Reuters) - Indonesian property developer PT Sitara Propertindo is planning to raise up to 460 billion rupiah ($39 million) from an initial public offering next month, its underwriter said on Tuesday.

The company will sell as many as 4 billion shares, or nearly 40 percent of its enlarged share base, at an indicative price range of 105-115 rupiah each, said Datin Rashidah Mahadi, associate director at PT Sinarmas Sekuritas.

The price will be set after bookbuilding, Mahadi said. Sitara shares are expected to be listed on the Jakarta stock exchange on July 11.

Sitara's portfolio includes townships and housing estates, as well as hospitality and warehousing areas in the greater Jakarta area and other cities in West and Central Java, according to its website.

Sitara will be the latest in a string of initial public offerings in Indonesia. Earlier this month, Indonesian internet service provider PT Link Net made a strong trading debut, jumping as much as 50 percent.

($1 = 11,790.00 rupiah) (Reporting by Fransiska Nangoy and Eveline Danubrata; Editing by Matt Driskill)

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