Investors Keen on Bank Tabungan Negara IPO
December 15, 2009
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PT Bank Tabungan Negara, the country’s largest state-owned mortgage bank, revealed on Tuesday that its Rp 1.89 trillion ($200 million) initial public offering had been oversubscribed. “The orders amount to twice the number of shares that we offered,” said Iqbal Latanro, BTN’s president director.
On Thursday, BTN will float 2.36 billion new shares on the Indonesia Stock Exchange (IDX), representing 27 percent of its equity, with an offer price of Rp 800 per share. The IPO will raise around $200 million. Foreign investors picked up 39.6 percent of the IPO, while the rest was reserved for domestic investors. JG
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