Indonesia's PT Indofood CBP Sukses Makmur is set to raise 6.29 trillion rupiah ($701 million) from its initial public offering, two sources with direct knowledge of the deal said on Friday.
Indofood CBP, a unit of top noodle maker PT Indofood Sukses Makmur (INDF), priced the shares at 5,395 rupiah a share, close to the top end of the 4,300-5,500 rupiah pricing range, the sources said. It offered 20 percent of its enlarged capital in the IPO.
That values the company at about $3.48 billion and about 19 times its 2011 earnings, based on Reuters calculations.
Consumer stocks are among the most popular in Indonesia, reflecting rising incomes in an economy driven by strong domestic demand.
The initial public offering would be the biggest IPO by an Indonesian company in two years, since coal miner PT Adaro Energy (ADRO) raised $1.3 billion in 2008.
Investors have snapped up Indonesian stocks and bonds over the past 18 months, attracted by strong economic growth fuelled by domestic demand and commodities exports. ($1=8973 Rupiah). Source: Reuters
Indofood CBP, a unit of top noodle maker PT Indofood Sukses Makmur (INDF), priced the shares at 5,395 rupiah a share, close to the top end of the 4,300-5,500 rupiah pricing range, the sources said. It offered 20 percent of its enlarged capital in the IPO.
That values the company at about $3.48 billion and about 19 times its 2011 earnings, based on Reuters calculations.
Consumer stocks are among the most popular in Indonesia, reflecting rising incomes in an economy driven by strong domestic demand.
The initial public offering would be the biggest IPO by an Indonesian company in two years, since coal miner PT Adaro Energy (ADRO) raised $1.3 billion in 2008.
Investors have snapped up Indonesian stocks and bonds over the past 18 months, attracted by strong economic growth fuelled by domestic demand and commodities exports. ($1=8973 Rupiah). Source: Reuters
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