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Cikarang Listrindo enters stock market
Independent power plant business Cikarang Listrindo has floated 9.7 percent of its stock on the market, opening at Rp 1,500 (1.2 US cents) per share in the morning, before jumping 6 percent to Rp 1,590 and closing at Rp 1,510.
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Ongoing development is seen at PT Cikarang Listrindo’s power plant in Babelan, West Java. (Listrindo/Exclusive)
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ndependent power plant business Cikarang Listrindo floated 9.7 percent of its stock on the market on Tuesday, opening at Rp 1,500 [1.2 US cents] per share in the morning, before jumping 6 percent to Rp 1,590 and closing at Rp 1,510.
The company raised Rp 2.4 trillion from its initial public offering (IPO), finance director Christanto Pranata said on Tuesday.
"About 70 percent of the funds will go to capital expenditure and the rest to corporate cash," Christanto said.
Cikarang Listrindo (POWR) is the first power plant to go public in the Indonesian market, operating two gas power plants in Jababeka and the MM2100 Industrial Zone Cikarang, with 864 megawatts (MW) and 218 MW, respectively.
The company is currently building two coal-powered plants, both with 140 MW, in Babelan, Bekasi, West Java, which are expected to operate by the fourth quarter of 2016. The electricity will be supplied to five industrial zones to serve 2,200 corporate customers. (dan)
