JAKARTA: PT Kobexindo Tractors started its debut today by listing 272.5 million shares worth IDR400 per unit.
The total released shares are equal to 12% of the KOBX-coded company total equity. The company initially planned the discharge 30% or 858 million shares.
In early trading, the shares of sale and rental of heavy equipment company increased to IDR465, up 16.5% from the initial price.
The revision over the total released shares is due to the negative global market condition, said President Director Humas Soputro. Nevertheless, it is optimistic to obtain net profit growth by 50% or IDR123 billion.
With the revision of the released shares, targeted IPO proceeds also change to IDR109 billion from IDR500 billion.
“Around 70% of the proceeds will be channeled to working capital and capital expenditure while the rest to settle our debts,” he said on Wednesday (6/27/2012). (T05/TW)