JAKARTA, June 17 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)