April 19, 2013 / 2:05 AM / 5 years ago

Indonesian palm oil firm targets $150 mln IPO - sources

JAKARTA, April 19 (Reuters) - 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.

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