PGN IPO price set at Rp1,500 per share

Government on Wednesday set IPO price of state gas distribution company PT. Perusahaan Gas Negara (PGN) at Rp1,500 per share (US$ = Rp8,487).

The government will sell up to 1.69 billion shares of PGN (39 percent), of which 1.29 billion will be issued in the first stage. The remaining shares will be issued if the first batch is oversubscribed.

The shares will be sold through an initial public offering, which will be open for subscription from Dec. 8 to Dec 10.

The stock will be listed on the Jakarta and Surabaya stock exchanges Dec. 15.

PGN has named state-owned PT Danareksa Sekuritas, Credit Suisse First Boston and ABN Amro Asia Securities as joint lead underwriters for the IPO. (godang)