3 Consortiums compete for PP IPO

Three consortiums of securities companies struggle for underwriting the initial public offering (IPO) of PT Pembangunan Perumahan.
My source said three consortiums here include consortiums of Danareksa Sekuritas, DBS Securities Indonesia, and Mandiri Sekuritas, consortiums of Bahana Securities, CIMB Securities Indonesia, and Indo Premier Securities, and PT Trimegah Securties without any other partner.
PP is one of the state enterprises in the privatization program through IPO among the other state firms such as PT Krakatau Steel, PT Waskita Karya, PT Garuda Indonesia, and PT Perkebunan Nusantara III, IV, VII. PP business core is the building and architecture construction developer, building management and property development.
PP targets to rake up IDR1.5 trillion fund from IPO. The coordinating meeting involving the State Enterprise Ministry and Commission VI September last year agreed the corporate plan to enter capital market. The meeting agreed the maximum 30 percent PP shares on the IPO.