BTN aims for Rp 2.6t from IPO

Nani Afrida , The Jakarta Post, Jakarta | Thu, 11/19/2009 9:38 PM

State-owned bank PT Bank Tabungan Negara (BTN) officially announced Thursday a plan to sell 27 percent of its stakes through its initial public offering (IPO).

BTN treasury director Saut Pardede said the bank expected to raise substantial fresh capital, which it would use to expand its business.

“The range is about Rp 1.8 trillion to Rp 2.6 trillion depending on the share prices,” he said.

Mandiri Sekuritas and CIMB Sekuritas will be underwriting the IPO.

Mandiri Sekuritas’ director of investment banking, Iman Rahman, said shares would be offered at between Rp 750 and Rp 1,100.

“We plan to register our first initial public offering at the Indonesia Stock Exchange (IDX) on Dec. 17. The book building starts today and ends Dec. 3,” Iman said, adding that BTN would also offer stakes to foreign investors.

“We will have investor road shows in Asia and Europe,” Iman said.