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Cikarang Listrindo raises $275m, becoming Indonesia’s largest IPO in 2016

Indonesian power company PT Cikarang Listrindo Tbk set the initial public offering (IPO) at Rp1,500 per share after marketing its 2.5 billion shares – raising Rp3.75 trillion ($275.74 million), said sources close to the deal. Previously the company had offered the shares with a price range of Rp1,430 – Rp1,970 each. The final price of the shares equals 7.3 times EV/EBITDA (enterprises value divided by earnings before interest, tax, depreciation and amortization) for the financial year or price to earning at 12 times of 2017 earnings. Also Read: Power firm Cikarang Listrindo eyes $360 listing, could be Indonesia’s largest IPO this year Cikarang Listrindo’s IPO has been oversubscribed predominantly by the foreign investors including the anchor investor Matthews International Capital Management, which has come in for $50 million worth of shares. Citigroup, Deutsche Bank, UBS and PT Indopremier Securities acted as joint book-runners for the IPO. The international roadshow was launched in Hong Kong and wrapped up by May 26. Indonesian retail investors will have a chance to place orders between June 7-8, a week before the stock goes live on the Indonesian Stock Exchange (IDX) on June 15. After the listing, stake of Cikarang’s existing shareholders will be diluted. [...]



This post first appeared on My Finance Reporter | Australian, Asian & US Finan, please read the originial post: here

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Cikarang Listrindo raises $275m, becoming Indonesia’s largest IPO in 2016

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