Indonesia's Saratoga Investama Sedaya Holds IPOs for Owned Firms

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Automotive distribution conglomerate PT Mitra Pinasthika Mustika of Indonesia is planning to raise about 2 trillion rupiah or US$206 million through an initial public offering in May. This was confirmed by underwriters to the sale.

The Indonesian company is controlled by private equity company Saratoga Investama Sedaya and has offered to the market 1.015 billion shares or about 28% of available equity in PT Mitra Pinasthika Mustika, The IPO price range is pegged at 1,500 to 2,000 rupiah per share.

The IPO underwriters are Morgan Stanley, Deutsche Securities Indonesia and Indopremier Securities. The scheduled date for the listing would be May 29, 2013.

The private equity firm owns several Indonesian firms, including mining company PT Adaro Energy and tower operator PT Tower Bersama Infrastructure. The firm is projecting to raise about US$1 billion from the different initial public offerings it would be conducting throughout the year. The proceeds would be used for expansion projects of each of the firms.

Tags
Indonesia, IPO

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