PT PP Tbk oversubscribed 1.7 times

PT PP Tbk oversubscribed 1.7 times

The marketing of PT Pembangunan Perumahan Tbk's new shares get oversubscribed by the investors, shows the demand reaches more than IDR900 billion.

"Positive performance shown by PP has been a positive appreciation of investors both domestic and abroad as well," said Iman Rachman as the Director & Head of Investment Banking, PT Mandiri Sekuritas in a press release today.

He said the positive appreciation can also be seen in the enthusiasm and interest from investors in Singapore and Hong Kong during the roadshow of PP held in the two countries. Two leading investment firms, namely Fidelity and Pheim Asset Management, has expressed interest to buy shares of the newest listed company.

"This became a strong indication of confidence among foreign investors on the company's performance and future performance, which for the foreign investors will be allocated approximately 20% of total emissions. "

Besides getting positive response from foreign investors, the shares of the emitters also attract domestic investors, one of a kind is PT Jamsostek.

PP has received an effective statement from Bapepam-LK since January 29th. The company will be listed on February 9th.

With the offering price of IDR560 per share, the company will gather fund about IDR581 billion from the IPO of 21.46% stake, or equivalent to 1.039 billion shares. PP has appointed PT Mandiri Sekuritas, PT Danareksa Sekuritas, and PT DBS Vickers Securities Indonesia as the lead underwriter of the IPO.

Mandiri Sekuritas underwrites portion reach 38.92% of all published shares, Danareksa Sekuritas underwrites as much as 36.63%, and DBS Vickers 20%. The rest of the shares, around 4.45%, underwrites by 28 other securities companies.

The funds which gathered will be used to invest in areas that promise such as energy, construction and property, and also to strengthen the company's working capital, including financing needs of current projects and who will do the Company.