Indosmelt to launch IPO 2015

Smelting company PT Indosmelt plans to launch initial public offering (IPO) in 2015 to raise funds to help finance its planned copper and gold refinery project, Bisnis Indonesia reported on Monday.

The paper quoted Indosmelt President Director Natsir Mansyur as saying that the company was currently in the process of preparing the IPO proposal with the help of a Chinese consultant, which is expected to be completed soon in the hope that it could submit the IPO proposal to the Indonesia Stock Exchange in January.

Natsir said that the company plans to sell between 20-30 percent shares via the IPO, hoping to raise about US$300 million.

The company first announced the planned IPO in February of 2014, saying at the time it would sell up to 49 percent shares to raise around $500 million.

Indosmelt is planning to develop an integrated $1.5 billion copper and gold refinery in Maros, South Sulawesi. (*)