JAKARTA (Yosefardi.biz) – PT Puradelta Lestari Tbk (PDL) has this morning kicked off its initial public offering (IPO) for 10.84 billion shares, representing 20% of its total issued and paid-up shares capital.
The bookbuilding starts today and will last in May 14, 2015. The offering is scheduled for May 21-25, 2015 and listing at stock exchange is set at May 29, 2015.
PDL, contrilled by SGX-listed Sinarmas Land Limited is engaged in the construction/development of Kota Deltamas, a mixed development project located at Bekasi Regency, West Java, Indonesia, comprising residential units, commercial centers, industrial estate, business park, schools, hospital and other public facilities.
Acting as underwriters for the IPO are PT Macquarie Capital Securities Indonesia, PT Sinarmas Sekuritas, and PT CLSA Indonesia.
The IPO priceeds will be used to fund the development of Deltamas project (60%), to fund land clearance in Bekasi, and to support working capital (10%).
PDL booked net profit of Rp964 billion in 2014, compared to Rp941 billion in 2013. Sales declined 15.8% to Rp1.54 trillion from previous Rp1.82 trillion. Its assets reached Rp2 trillion while liability amounted Rp1.21 trillion.