JAKARTA-PT Cipaganti Citra Graha might review its IPO targeted proceeds following euro crisis that burdens investments.
The Bandung-based company initially eyed IDR500 billion-IDR750 billion from IPO. The company currently is studying market condition to set the IPO target, said COO Mulyadi. Most of the proceeds will be used to finance its unit in mining, PT Cipaganti Resources.
“We are studying market condition. Although underwriter promises a full commitment, we do not want to risk it,” he said on Friday (6/22/2012). Cipaganti mandated PT Batavia Prosperindo Sekuritas as the underwriter.
IPO is scheduled in the fourth quarter of 2012. (T05/TW)
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