Indonesia investment firm Saratoga slashes IPO price
Indonesian investment firm PT Saratoga Investama Sedaya, controlled by tycoons Edwin Soeryadjaya and Sandiaga Uno, said on June 19 that it will cut the size of its initial public offering planned for June 28 significantly to just $151 million.
Originally, the firm has expected to make as much as $343 million from the IPO. The firm is offering 430.88 million shares, equivalent to 15 per cent of its equity and earlier set an IPO price range of 6,100 rupiah ($0.616) to 7,800 rupiah ($0.787) a share.
However, citing the cause to have fallen victim to the outflows of funds from emerging markets that has beset the region since May, the company went down with the initial offering to around $0.35, which would bring in around $151 million.
Saratoga, whose investments include stakes in coal miner PT Adaro Energy, cut the IPO size below the initial price and said the the lower pricing was aimed at attracting more interest in the share sale.
Due to the outflow of “hot” investors money, the Jakarta Composite Index retreated nearly 8 per cent from its historical high of 5251 recorded in late May 2013.
[caption id="attachment_10787" align="alignleft" width="300"] Saratoga founder and director Sandiaga Uno[/caption] Indonesian investment firm PT Saratoga Investama Sedaya, controlled by tycoons Edwin Soeryadjaya and Sandiaga Uno, said on June 19 that it will cut the size of its initial public offering planned for June 28 significantly to just $151 million. Originally, the firm has expected to make as much as $343 million from the IPO. The firm is offering 430.88 million shares, equivalent to 15 per cent of its equity and earlier set an IPO price range of 6,100 rupiah ($0.616) to 7,800 rupiah ($0.787) a share. However, citing the cause...
Indonesian investment firm PT Saratoga Investama Sedaya, controlled by tycoons Edwin Soeryadjaya and Sandiaga Uno, said on June 19 that it will cut the size of its initial public offering planned for June 28 significantly to just $151 million.
Originally, the firm has expected to make as much as $343 million from the IPO. The firm is offering 430.88 million shares, equivalent to 15 per cent of its equity and earlier set an IPO price range of 6,100 rupiah ($0.616) to 7,800 rupiah ($0.787) a share.
However, citing the cause to have fallen victim to the outflows of funds from emerging markets that has beset the region since May, the company went down with the initial offering to around $0.35, which would bring in around $151 million.
Saratoga, whose investments include stakes in coal miner PT Adaro Energy, cut the IPO size below the initial price and said the the lower pricing was aimed at attracting more interest in the share sale.
Due to the outflow of “hot” investors money, the Jakarta Composite Index retreated nearly 8 per cent from its historical high of 5251 recorded in late May 2013.
