Release: Bumi Resources Minerals's IPO oversubscribed
Friday, November 19 2010 - 01:01 AM WIB
The interests and responses from the international funds and investors that we met have all been very positive." Mr Farrell further explained,"The completion of the successful roadshow and bookbuilding also led to the final pricing of BRM stock price at Rp 635 / share. Considering the estimated 3.15 billion shares issued under this IPO deal, we look forward to the IPO proceed of Rp 2 trillion (US$ 232 million)."
Following its successful Public Expose about the Company's production and financial results to the domestic investors on 8 November 2010 in Jakarta, the Company traveled to Singapore, Hongkong, and London from November 9 to 15, 2010 as a part of the book building process in the international market.
The international roadshow where BRM met with the interested funds and investors were arranged by the Joint Lead Underwriters, PT Danatama Makmur and PT Nomura Indonesia, and by the International Selling Agents, Credit Suisse, J.P. Morgan, and Nomura International.
As disclosed earlier, the IPO proceed will be used to finance the capital expenditures and working capital requirements in its assets (including the settlement of the bridging loan that was used to finance the working capital and capital expenditures requirements in the Company?s subsidiaries), Dairi Prima Minerals asset (Zinc and Lead), Mauritania asset (Iron Ore), Gorontalo Minerals asset (Copper and Gold), Citra Palu Minerals asset (Gold), and Liberia asset (Diamonds). In addition to these assets, BRM effectively owns 18% stake in the producing copper and gold subsidiary, PT Newmont Nusa Tenggara.
In a separate interview, Vicky Ganda Saputra, the Executive Director of PT Danatama Makmur, the joint lead underwriter for this IPO deal, also said,"So far, both the domestic Public Expose and the International Roadshow have resulted positively as the IPO deal has been over subscribed by 5 times. (end of release)