Indonesia telecom tower IPO to raise up to $179 mln

* Aims to raise up to 1.6 trln rph from Oct IPO

* Bookbuilding price range set at 1,675-2,100 rph/share

* Greenshoe option could raise additional $80 mln

* Pricing values firm at between $882 mln and $1.1 bln

JAKARTA, Sept 27 (Reuters) - Indonesia’s PT Tower Bersama Infrastructure, one of the biggest private providers of telecoms towers, may raise up to 1.6 trillion rupiah ($179 million) in its IPO next month, based on the share price range set on Monday.

Tower Bersama, which is controlled by Indonesian private equity firm Saratoga Capital, set the IPO share price range at 1,675-2,100 rupiah, the underwriter said on Monday.

It will offer 755 million new shares, equivalent to 15.86 percent of the enlarged share capital, and valuing the company at between $882 million and $1.12 billion.

The Tower Bersama listing marks the second time that Saratoga, a private equity firm controlled by businessmen Edwin Soeryadjaya and Sandiaga Uno, has cashed in its holdings with an IPO.

It previously realised gains on its holding in coal miner PT Adaro Energy ADRO.JK whose $1.3 billion IPO in 2008 was the biggest in Indonesia.

Underwriters for the Tower Bersama deal are UBS UBSN.VX and Indo Premier Securities. Most of the proceeds from Tower Bersama's IPO will be used to build new towers and for capital expenditure.

A further 339.75 million shares, equivalent to 7.14 percent of the company, may be sold in an over-allotment option, which could raise an additional 713.5 billion rupiah.

Tower Bersama reported a net profit of 97 billion rupiah in the first four months of 2010, up from 52 billion rupiah a year ago, according to the company prospectus. Full year net profit in 2009 was 240.7 billion rupiah, up 24 percent from 2008 period.

($1=8953 Rupiah)

(Reporting by Fathiya Dahrul and Janeman Latul; Editing by Sara Webb)

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