PT Bank Tabungan Negara Tbk (BTN) set the stock price at the level of IDR800 per share unit as from IDR750-1,100.
The company tapped some IDR1.88 trillion proceeds. BTN offers 2.36 billion B series stocks or 27.1 percent of the shares after IPO. This includes offering to employees or 4 percent. The IDR500 par value stock here is offered at IDR750-1,100 per share unit.
I try to confirm President Director of BTN Iqbal Latanro. "I could not give any comment on stock pricing yet."
BTN plans to issue IDR1.5 trillion bonds and have asset securitization worth IDR1 trillion in 2010 to complete the IPO.
The pricing of IPO stock price at the level of IDR750-1,100 refers to the BTN price to book value of 1.5-2.2 times.
The additional IPO proceeds will increase the corporate capital adequacy ratio into 27 percent as from the current 5 percent. The composition of investors in the IPO consists of 60 percent local and the other 40 percent international investors.
The pricing of IPO stock price at the level of IDR750-1,100 refers to the BTN price to book value of 1.5-2.2 times.
The additional IPO proceeds will increase the corporate capital adequacy ratio into 27 percent as from the current 5 percent. The composition of investors in the IPO consists of 60 percent local and the other 40 percent international investors.
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