Indoexchange to float shares Thursday<\/p>\n
JAKARTA (JP): Internet portal operator PT Indoexchange Dotcom
\nsaid on Monday it would float on the Jakarta and Surabaya stock
\nexchanges on Thursday.<\/p>\n
Senior vice president of Indoexchange's lead underwriter, PT
\nCiptadana Securities, Susanto Kusnadi, said shares of
\nIndoexchange were oversubscribed during its initial public
\noffering from May 2 to May 4.<\/p>\n
\"This is quite relieving, considering that the market is at
\nits lowest level since the second memorandum was issued by the
\nHouse of Representatives,\" Susanto was quoted as saying by Antara
\nnews agency.<\/p>\n
The company sold 120 million new shares during the initial
\npublic offering at Rp 125 (about 1.11 U.S. cents) each.<\/p>\n
He said Indoexchange plans to use 50 percent of its proceeds
\nfrom the public offering to expand its core business.<\/p>\n
This covers 25 percent for the expansion of its computer and
\nserver infrastructure, and 25 percent for the expansion of its
\nfinancial and business-to-business portals.<\/p>\n
Of the remaining amount, 20 percent will be used to seek
\nstrategic partners, 15 percent to finance its marketing and
\npromotion costs, and 15 percent to strengthen its working
\ncapital.<\/p>\n
Susanto said that Indoexchange is the first company to offer
\nfinancial and capital market news about Indonesia.<\/p>\n
Established in 1996, the company's main income sources are its
\nonline services at its portal, computer networking services, and
\nits business-to-business services.<\/p>\n
Indoexchange's business-to-business websites include,
\nNexiaOnline, for the textile industry, and MiningIndo, for the
\nmining industry. (bkm)<\/p>",
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