Indoferro delays IPO plan to next year
Tuesday, December 6 2016 - 04:54 AM WIB
PT Indoferro, which operates nickel pig iron (NPI) smelter in Cilegon, Banten Province, has decided to postpone again its plan to sell part of its shares to the public via initial public offering (IPO) to next year due to the current unfavorable stock market condition.
The company said in June it wanted to launch the IPO at the end of this year, a delay from the initial plan of second quarter of 2016.
?The IPO will be implemented next year depending on market condition,? Jonatan Handojo, Business Development Director at Growth Steel Group, the parent of Indoferro, to Petromindo.com recently.
He said that the stock market condition is currently unfavorable to implement IPO.
The company said last year it planned to sell up to 30 percent shares, the proceeds of which would be used to help finance the construction of an estimated US$1 billion stainless steel plant, which will have a production capacity of up to 1 million tons per year.
Editing by Reiner Simanjuntak