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Jakarta Post

Ranch Market downsizes IPO to at least US$14 million

  • The Jakarta Post

Jakarta   /   Tue, May 15 2012   /  08:56 am

PT Supra Boga Lestari, which runs Ranch 99 Market and Farmers Market retail outlets, is looking to collect between Rp 135 billion (US$14 million) and Rp 159 billion in an initial public offering (IPO), aiming to open four new stores this year.

The company previously aimed to raise between Rp 200 billion and Rp 300 billion by offering a 20 percent stake, or 312 million new shares, but Kresna Graha Securindo as the underwriter for the initial shares offer valued the company’s stock at between Rp 425 and Rp 510 apiece.

Supra Boga president director Nugroho Setiadharman said on Monday that despite the downsize, the proceeds were enough for the company’s expansion plans.

“One Ranch Market in Balikpapan will open in June and three Farmers Market, located in Tangerang, Bekasi and Bogor, are set to open in the third or fourth quarter of this year,” Nugroho told repor...