Bank Jabar Banten raise IDR1.5 trillion from IPO

PT Bank Jabar Banten raise IDR1.5 trillion from initial public offering after set price at level IDR600 as from the initial price offer of IDR510-680.

the number of offered stocks also grew from 1.81 billion shares which reflected the 20 percent possession into 2.45 billion shares or equals to 25 percent of possession.

Bank Jabar Banten IPO has oversubcribed until IDR6 trillion and thus the corporate and underwriter decided to set a par value of IDR600.

The bookbuilding was on June 14-23 and the effective statement form Bapepam-LK is on June 29. The public offering is scheduled on July 1, 2, 5, 2010. The listing to the Indonesia Stock Exchange (IDX) is targeted on July 8.
The IPO proceeds are allotted to support the credit expansion in small and medium enterprise credit worth 80 percent, the office networks expansion 10 percent, and technology development. Based on the general meeting of shareholders (GMS) in March 2010, the agreed portion for public shares is up to 40 percent.
Despite the approval given for the public offering up to 40 percent, this time is only 20 percent and it may be maximized up to 30 percent when the market demand grows up. Bank Jabar Banten also plans to issue IDR2 trillion bonds which is scheduled in semester II/2010 to meet the long term liquidity needs to increase credit as consumer market and SME (small medium, and enterprise).