JAKARTA (Yosefardi) – PT Bank Panin Syariah Tbk, subsidiary of PT Bank Pan Indonesia Tbk (PNBN), plans to offer 4.75 billion shares through the initial public offering (IPO), representing 48.72% of its total issued and paid-up capital, priced at Rp100 per share, to raise total proceeds of Rp475 billion.
The bank earlier announced it will offer 5 billion shares, or 50% of its total issued and paid-up capital, targets to raise Rp500 billion fund.
The bank will also issue 950 million warrants as sweetener. PT Evergreen Capital and PT RHB OSK Securities Indonesia
will act as underwriters for the IPO. The offering is scheduled for January 2-8, 2014 while listing at IDX is set for
January 15, 2014.
The IPO fund will be used for working capital (80%) and network development (20%). This new fund will boost the bank’s capital to Rp1 trillion, enters into BUKU 2 category for banks ruled by the central bank, Bank Indonesia.
As of September, 2013, the bank’s assets totaled Rp3.2 trillion with CAR of 19.75%. It booked net profit of Rp31.73 billion in the period.