JAKARTA, Nov. 22 (Reuters) - Indonesia’s state-owned construction company, PT Waskita Karya, is looking to raise up to 1.2 trillion rupiah ($126.10 million) in an initial public offering in December, one of the IPO’s underwriters, Bahana Securities, said on Thursday.
The property firm set a price range for the offering at between 320 rupiah to 405 rupiah per share, Bahana director Andi Sidharta said. The firm aims to sell 3 billion new shares, equal to 32 percent of the company’s enlarged capital.
Bahana Securities, Danareksa Sekuritas and Mandiri Sekuritas have been named underwriters for the IPO.
Waskita Karya will be the only state-owned company to be listed on the Indonesian stock exchange this year and aims to be the 22nd company to list in 2012 as Southeast Asia’s largest economy shows a reduced appetite for IPOs in the face of a global economic slowdown.
($1 = 9,635.5 rupiah)
Reporting by Fathiya Dahrul, Writing by Andjarsari Paramaditha, Editing by Matt Driskill