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Cikarang Listrindo raises Rp2.4 trillion from IPO

From left to right: BEI Director Hamdi Hassyarbaini, BEI Director Nicky Hogan, President Director of PT Cikarang Listrindo Tbk Andrew K. Labbaika, and BEI Director Samsul Hidayat (Image : IDX/BEI)
(From left to right): BEI Director Hamdi Hassyarbaini, BEI Director Nicky Hogan, President Director of PT Cikarang Listrindo Tbk Andrew K. Labbaika, and BEI Director Samsul Hidayat (Image : IDX/BEI)

JAKARTA (RAMBUENERGY.com) – PT Cikarang Listrindo Tbk (POWR), an independent power producer, has raised Rp2.4 trillion from initial public offering (IPO) by offering 1.6 billion of the company’s shares or 10 percent of its enlarged capital at a price of Rp1,500 per unit.

On Tuesday (June 14), the company made its trading debut on the Indonesian Stock Exchange. At midday, its shares rose Rp50 to Rp1,550 or up 3.3 percent.

Cikarang, the first power producer that listed shares on the Indonesian Stock Exchange, said 70 percent of the IPO proceeds will be used to increase its power capacity and the remaining 30 percent will be used to strengthen its working capital. The company appointed PT Citigroup Securities Indonesia, PT Deutsche Securities Indonesia, PT Indo Premier Securities and PT UBS Securities Indonesia as  the underwriters for the IPO. (*)

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