JAKARTA (Yosefardi) – PT Mitra Pinasthika Mustika Tbk (MPM), controlled by Saratoga Capital owned by Edwin Soeryadjaya and Sandiaga Uno, will offer 970 million shares through the initial public offering (IPO), representing 27.37% of its total issued and paid-up capital.

The IPO shares were priced at Rp1,500 per share, to raise total proceeds of Rp1.455 trillion. MPM will also issue shares for note agreement conversion worth Rp100 billion to Goldsweets Enterprises Ltd, Excel Dragon Overseas Inc., and Energion Corporation. MPM also has note agreement conversion of Rp190 billion to Ciroden Alliance Ltd and note agreement of Rp910 billion to Morninglight Investments S.a.r.l and share option agreement with PT Asetama Capital.

Acting as underwriters for the IPO are PT Morgan Stanley Asia Indonesia, PT Deutsche Securities Indonesia, PT DBS Vickers Securities Indonesia, and PT Indo Premier Securities.

MPM will use IPO proceeds to fund acquisition through MPMRent (24%), to fund new factory establishment through PT Federal Karyatama (20%), to fund acquisition of the rest stake in Federal Karyatama (22%), to purchase 3000 new cars (12%), to pay debts (9%), and to fund business expansion (7%).