Baramulti set to launch IPO in October

PT Baramulti Sukses Sarana, one of Indonesia?s growing coal mining company, plans to launch an initial public offering (IPO) in October this year to raise funds to further expand the company?s coal mining, Bisnis Indonesia reported on Tuesday.

The director for corporate evaluation at the Indonesian Stock Exchange (IDX) Hoesen said in Jakarta on Monday that Baramulti would likely conduct its IPO in October, because the company would use its April financial report for the public offering.

?The company will sell about 10 percent of enlarged shares to the public during the IPO. The proceeds from the IPO will be used for business expansion and working capital,? he added.

Baramulti which has coal concessions in Kalimantan had appointed CIMB Niaga Securities as the lead underwriter of the IPO. (*)