Indoferro to launch IPO end of this year
Thursday, June 2 2016 - 02:46 AM WIB
PT Indoferro, which operates nickel pig iron (NPI) smelter in Cilegon, Banten, plans to sell part of its shares to the public via initial public offering (IPO) at the end of this year.
?We?ll launch the IPO end of this year,? said Jonatan Handojo, Business Development Director at Growth Steel Group, the parent of Indoferro, to Petromindoc.om on Monday.
He did not provide further details.
But late last year, Jonatan said that the planned IPO was set for the second quarter of 2016 depending on stock market condition. The company plans 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