Aneka Gas set to raise Rp 843.32b in IPO proceeds

Gas distribution company PT Aneka Gas Industri is expected to raise up to Rp 843.32 billion in proceeds from a planned initial public offering (IPO) this year, Bisnis Indonesia reported on Thursday.

The paper quoted a source as saying that the company will sell 25 percent shares to the public on September 19-22 at a price of Rp 1,100 each. The price range was initially set at Rp 1,000-Rp 1,290.

About 40 percent of the IPO proceeds will be used to finance the development of new gas filling stations as the company has set a target to have up to 200 stations from 80 stations currently located in 22 provinces. Another 40 percent will be used to repay debts, and the remainder for working capital.

Aneka, which is part of the Samator Group, plans to build 10 filling stations this year. Company senior official said earlier that sales next near is projected at Rp 2.4 trillion, or about 33 percent increase from the Rp 1.8 trillion target for this year.

In conjunction with the IPO, Aneka will sell another 5 percent stake to PT Aneka Mega Energi via private placement. (*)