JAKARTA (Yosefardi) – Investors focused trading in shares of state cement maker PT Semen Baturaja Tbk (SMBR) in its trading debut today (June 28), becoming the most actively traded stock, but it only gained 1.8% to Rp570 per share.
The company offered 2.337 billion shares through the initial public offering and listed 9.837 billion shares. At price of Rp570, the company has market capitalization of Rp5.6 trillion.
SMBR raised Rp1.31 trillion from IPO, used to fund land development (25%), purchase new machines and equipment (75%), and other (the rest).
The company will build new cement mill with capacity of 1.85 million tons per year, to boost its cement production to 3.85 million tons per year. The construction of cement mill will start in third quarter of this year and is expected to complete by 2016.
SMBR booked net profit of Rp298.51 billion in 2012 on revenues of Rp1.09 trillion. In 2011, it posted net profit of Rp251.64 billion on revenues of Rp1.05 trillion.