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AKARTA: Indofood CBP, a wholly-owned subsidiary of Indonesia’s largest food producer, Indofood Sukses Makmur, has set share prices for its October initial public offering (IPO) at Rp 5,395 per share. With the set price, Indofood CBP, which plans to float 1.17 billion new shares representing 20 percent ownership in the company, will raise Rp 6.3 trillion (US$700 million) through the initial offering. Indofood CBP previously said it aimed to collect between Rp 4.98 trillion and Rp 6.38 trillion.

The IPO, which could be the largest on the JSX in two years, will take place on Oct. 7. The offering’s underwriters include Credit Suisse Securities Indonesia, Deutsche Securities Indonesia, Kim Eng Securities and Mandiri Sekuritas.

After luring local and foreign investors with September road show presentations in the US, UK, Hong Kong and Singapore, Indofood CBP shares were reportedly oversubscribed.

Indofood CBP share prices are higher than those of its parent company Indofood Sukses Makmur, which closed 1.92 percent lower at Rp 5,100 per share on Friday. — JP