Indonesia investment firm Saratoga slashes IPO price

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Sandiaga-S-Uno
Saratoga founder and director Sandiaga Uno

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.

 



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[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...

Sandiaga-S-Uno
Saratoga founder and director Sandiaga Uno

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.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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