Aneka Gas to launch IPO next month

Gas distribution company PT Aneka Gas Industri plans to launch an initial public offering (IPO) next month to raise funds to help finance expansion drive and repay debts.

Aneka Gas Vice President Director RachmatHarsono said on Monday that the company plans to sell up to 25 percent shares to the public, with an offering price range of Rp 1,000-Rp 1,290 per shares, hoping to raise up to Rp 989 billion.

He said that 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.

Rachmat said the company, which is part of the Samator Group, plans to build 10 filling stations this year.

Aneka Gas plans to offer the shares also to global investors in Hong Kong, Singapore, and Kuala Lumpur.

Rachmat said 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. (*)