JAKARTA (Yosefardi) – Shipping company PT Logindo Samudra Makmur Tbk has set its IPO price at Rp2,800, lower bound as it earlier set range of Rp2,800 to 3,700.
At Rp2,800, the company will raise total proceeds of Rp541 billion. It will offer 193.27 million shares to public investors, scheduled to list at stock exchange in December 11, 2013. The company has listed 49% shares in stock exchange of Singapore (SGX).
The IPO proceeds will be used to repay bank loan (30%), fund capital expenditure (60%), and for working capital (10%). The company has long term loan of US$18 million to 2 banks in Singapore.
Logindo booked net profit of US$7.2 million in first half of this year on revenue of US$25 million.