JAKARTA (Yosefardi) – PT Eka Sari Lorena Transport Tbk, a household name for bus transportation, pretty much like Blue Bird for taxi, kicked off this morning its 150 million shares offering, representing 42.86% of its total issued and paid-up shares capital.
The company also, along with, offers 30 million units of warrants as sweeteners. The book building is scheduled for March 20-21, 2014 and the offering is set for April 1-4, 7, 2014. Listing at stock exchange is scheduled for April 14, 2014. PT Valbury Asia Securities acts as underwriter for the IPO.
The company earlier said it targets to raise Rp300-500 billion from IPO proceeds. It dominates land transportation in Java and Sumatra with 1,020 buses. In the future, Lorena plans to enter Kalimantan and Sulawesi.
The company booked net profit of Rp7 billion in first nine months of 2013 on revenue of Rp120.65 billion. Its assets totaled Rp247 billion and liability amounted Rp98.89 billion.