JAKARTA, April 19 Indonesian palm oil producer
PT Dharma Satya Nusantara aims to raise up to $150 million
through an initial public offering in the second quarter this
year, sources said, even though prices for the commodity have
fallen for the past 12 months.
Indonesia is expected to host several IPOs this year as
companies look to tap excess liquidity in the stock market,
which reached an all-time high this week.
Dharma Satya will be the third palm oil producer to be
listed in Indonesia this year after PT Multi Agro Gemilang
and PT Austindo Nusantara Jaya, which launched a $175
million IPO this week.
Dharma Satya, a joint venture between Indonesian tycoons
Teddy Rachmat and Benny Subianto, has hired Morgan Stanley
, Credit Suisse Group AG, PT BCA Sekuritas and
PT Ciptadana Securities as underwriters, said the sources who
have direct knowledge of the matter.
The sources declined to be named as they were not authorised
to speak to the media.
The company produced 600,000 tonnes of palm oil -- used in
everything from soap to biscuits -- in 2012, making it among the
country's top 10 producers.