PT Siloam International Hospitals, a subsidiary of PT Lippo Karawaci Tbk (LPKR) announced announced the adjustment of stock price range for its initial public offering (IPO) to Rp 9,000 to Rp 9,500 per share. The figure was cut about 49 percent of plans offer Rp 11200-14200 per share.
"Considerations taken based on the condition of capital markets in Indonesia and the region," said Director of Siloam, Tjokro Libianto, the issuer's disclosure Indonesia Stock Exchange on Monday, August 26, 2013.
Previously, Siloam plans to sell 162.75 million shares with a target to raise Rp 2.3 trillion and a market capitalization of Rp16.5 trillion. The effect of the adjustment, the number of shares to be released Siloam fell to as much as 156.1 million shares. "Through this adjustment, the market capitalization of Rp 11 trillion," said Tjokro.
Thus, the projected funds will be obtained through the IPO Siloam also be trimmed to around Rp 1.48 trillion.
There were revisions to capital expenditure of the funds raised through the IPO, approximately 39 percent is allocated for the purchase of medical equipment, hospital expansion, and construction of a new hospital. About 35 percent is used for partial payment of the proceeds of Lippo Karawaci, and 26 percent is used to fund the acquisition of hospitals, hospital operators and healthcare companies that can support operations Siloam.
Previously, in order to stabilize the share price, in case of over-subscription shares in a public offering, PT Lippo Karawaci through its subsidiary, PT Patchouli Blue Shines, giving over-allotment option to 14.3 percent, or 23.25 million common shares worth up to USD 330 billion. After adjustment, over-allotment option to as many as 5.9 million shares worth up to Rp 22 billion.
"Considerations taken based on the condition of capital markets in Indonesia and the region," said Director of Siloam, Tjokro Libianto, the issuer's disclosure Indonesia Stock Exchange on Monday, August 26, 2013.
Previously, Siloam plans to sell 162.75 million shares with a target to raise Rp 2.3 trillion and a market capitalization of Rp16.5 trillion. The effect of the adjustment, the number of shares to be released Siloam fell to as much as 156.1 million shares. "Through this adjustment, the market capitalization of Rp 11 trillion," said Tjokro.
Thus, the projected funds will be obtained through the IPO Siloam also be trimmed to around Rp 1.48 trillion.
There were revisions to capital expenditure of the funds raised through the IPO, approximately 39 percent is allocated for the purchase of medical equipment, hospital expansion, and construction of a new hospital. About 35 percent is used for partial payment of the proceeds of Lippo Karawaci, and 26 percent is used to fund the acquisition of hospitals, hospital operators and healthcare companies that can support operations Siloam.
Previously, in order to stabilize the share price, in case of over-subscription shares in a public offering, PT Lippo Karawaci through its subsidiary, PT Patchouli Blue Shines, giving over-allotment option to 14.3 percent, or 23.25 million common shares worth up to USD 330 billion. After adjustment, over-allotment option to as many as 5.9 million shares worth up to Rp 22 billion.
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