SidoMuncul Seeks Rp 1.5t Share Listing

SidoMuncul, one of Indonesia’s largest herbal medicine makers, plans to raise up to Rp 1.5 trillion ($153 million) from an initial public offering in the second half of this year, an underwriter for the plan said on Tuesday.

SidoMuncul plan to sell between 10 percent and 20 percent of its enlarged capital in the offering, said Michael Steven, chief executive of Kresna Securities, an underwriter for the IPO.

No other details were provided on the company’s IPO plan.

SidoMuncul would be the latest in a series of Indonesian companies undertaking an IPO to capitalize on strong investor confidence in the local bourse.

The Indonesia Stock Exchange (IDX) management is aiming for 30 companies to undertake IPOs this year, up from 23 companies in 2012.

The benchmark Jakarta Composite Index rose 1.8 percent to close at 5,176.23 in the capital on Tuesday.

The main stock index has risen 20 percent so far this year, making the IDX one of the best-performing stock markets in the region, outpacing a 5 percent gain in Malaysia and 16 percent rise in Thailand.

Semarang-based SidoMuncul was established in 1951, according to the company’s website.

It operates a 29-hectare factory in the Central Java capital producing herbal products such as Jamu Tolak Angin, a traditional cold medicine, and Kuku Bima Ener-G, an energy drink, according to its website.

Mitra Pinasthika Mustika, a motorcycle dealer that is looking to buy a car rental firm in 2013, plans to make its trading debut today on the IDX.

Mitra Pinasthika, a unit of private-equity fund Saratoga Capital, raised Rp 1.455 trillion from an IPO last week for which Morgan Stanley Securities was hired as an underwriter.

The company was offering 970 million shares, a 27.3 percent stake, to investors with an IPO price of Rp 1,500 per share.

Mitra Pinasthika’s profit rose more than 70 percent last year to Rp 374 billion amid strong sales.

JG, Reuters