MARKET DEVELOPMENT
Indonesia\'s Tahija Family Aims To Raise US$175m in Palm Oil IPO
Indonesia\'s Tahija Family Aims To Raise US$175m in Palm Oil IPO
16/04/2013 (The Sun) - Indonesian palm oil firm PT Austindo Nusantara Jaya, controlled by Indonesia's Tahija family, aims to raise up to 1.7 trillion rupiah (US$175.03 million) in an initial public offering (IPO) this month, an underwriter, Bahana Securities, said on Monday.
Austindo has set an IPO price range between 1,200 and 1,800 rupiah for 940 million shares, with the proceeds from the offering to be used to expand its palm oil and biogas businesses, said Eko Yuliantoro, the president director of Bahana Securities.
Morgan Stanley is also an underwriter of the offering.
Austindo, which has land banks from Kalimantan to the Papua islands, posted $185 million revenue in 2012 with a net profit of US$93.3 million, a 90% increase from a year earlier.
The Tahija family, ranked 34th in Forbes Indonesia's rich list, has interests in industries from mining to plantations and banking to tobacco. -- Reuters
Austindo has set an IPO price range between 1,200 and 1,800 rupiah for 940 million shares, with the proceeds from the offering to be used to expand its palm oil and biogas businesses, said Eko Yuliantoro, the president director of Bahana Securities.
Morgan Stanley is also an underwriter of the offering.
Austindo, which has land banks from Kalimantan to the Papua islands, posted $185 million revenue in 2012 with a net profit of US$93.3 million, a 90% increase from a year earlier.
The Tahija family, ranked 34th in Forbes Indonesia's rich list, has interests in industries from mining to plantations and banking to tobacco. -- Reuters