PT Semen Baturaja IPO set for Feb 2013, Indonesia

Indonesian state-owned producer PT Semen Baturaja expects to list its shares on the Indonesia Stock Exchange in February 2013.

Semen Baturaja has been ready to release a maximum of 2 billion shares, or equivalent to 35% of paid up capital, with a targeted Initial Public Offering (IPO) proceeds of IDR1trn. The company had appointed three underwriters for its IPO, namely PT Bahana Securities, PT Danareksa Sekuritas and PT Mandiri Sekuritas, Investor Daily reported.

Semen Baturaja President Director Pamudji Rahardjo said that the IPO proceeds would be used to invest in a new 1.5Mta plant in Pabrik Baturaja II. The new plant is expected to be completed in 2015.