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Metland sets IPO price at Rp 240 to Rp 300

JAKARTA: Property firm Metropolitan Land, a subsidiary of property giant Ciputra Group, has fixed share prices for its planned Initial Public Offering (IPO) at between Rp 240 (2 US cents) and Rp 300 apiece, an executive says

The Jakarta Post

Thu, April 21, 2011 Published on Apr. 21, 2011 Published on 2011-04-21T08:00:00+07:00

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AKARTA: Property firm Metropolitan Land, a subsidiary of property giant Ciputra Group, has fixed share prices for its planned Initial Public Offering (IPO) at between Rp 240 (2 US cents) and Rp 300 apiece, an executive says.

With the set share prices, the firm, branded Metland, will raise between Rp 544.8 billion and Rp 681 billion through the initial shares offer. “The price came after a joint valuation by the underwriters, Danareksa [Sekuritas] and DBS [Vickers Securities Indonesia],” Metland president director Nanda Widya told The Jakarta Post via telephone.

Metland will list 2.27 billion shares on the Indonesia Stock Exchange (IDX) on May 13, comprising 1.89 billion new shares and 378.97 million existing shares owned by British Virgin Islands-based company Netstar Holdings Limited, which currently owns a 19.76 percent stake in the firm.

The IPO proceeds will be used for the construction of malls, hotels, apartments and housing in Jakarta, Bekasi and Bali. — JP