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Indonesia's Sriboga to raise up to $72 mln in IPO this year
February 26, 2013 / 5:20 AM / in 4 years

Indonesia's Sriboga to raise up to $72 mln in IPO this year

1 Min Read

JAKARTA, Feb 26 (Reuters) - Indonesia's third biggest flour mill PT Sriboga Raturaya plans to raise up to 700 billion rupiah ($72 million) in an initial public offering this year, the company said on Tuesday.

"We are preparing an IPO this year, for 25 percent of our enlarged capital to raise 600-700 billion rupiah," Sriboga finance director Frederick Cadlaon said.

Sriboga, which also owns the Indonesian licence for the Pizza Hut fast-food chain, has not appointed underwriters for the deal.

"Our current production capacity is at 1,900 tons per day and will be increased to 2,500 within two years, after we build a factory with Mitsubishi Corporation," Sriboga chief executive Alwin Arifin told a news conference.

Sriboga runs 207 Pizza Hut restaurants and has 70 delivery outlets, he said.

Six companies have listed on the Indonesia stock exchange so far this year, but the amounts raised have been small with a reduced appetite for IPOs due to concern about the health of the global economy.

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