Lippo Cikarang's IPO oversubscribed<\/p>\n
JAKARTA (JP): PT Lippo Cikarang said Wednesday that its recent
\ninitial public offering (IPO) was a big success, with demand far
\nexceeding available shares.<\/p>\n
Lippo Group's deputy chairman, James T. Raidy, said the IPO
\nwas oversubscribed by 150 percent, forcing the company to make an
\nallotment to subscribers.<\/p>\n
Lippo Cikarang, a property subsidiary of widely diversified
\nLippo Group, is the developer of a 5,550-hectare self-contained
\ncity project in Cikarang, West Jakarta.<\/p>\n
Riady said the company raised around Rp 100 billion (US$41
\nmillion) from the IPO to further expand the township project.<\/p>\n
The company sold 108.58 million new shares during the IPO and
\nwas scheduled to list the shares on the Jakarta and Surabaya
\nstock exchanges later this month.<\/p>\n
Lippo Cikarang's chief executive officer, Eddy Sundoro,
\nattributed the IPO success to the company's strong commitment in
\ndeveloping the self-contained city.<\/p>\n
Company vice president, Susiloputro, said the 850-hectare
\nindustrial zone in Lippo Cikarang would further strengthen the
\ntownship.<\/p>\n
Some leading industries and companies also opened offices in
\nLippo Cikarang, which also has a 22,000-square-meter shopping
\nmall, 143 shops and a four-star hotel.<\/p>\n
Company profit was projected to increase to Rp 76 billion in
\nits financial year which ended in June from Rp 71 billion in the
\nprevious year.<\/p>\n
Lippo Cikarang has developed 1,060 hectares out of its 2,450
\nhectares of land. (icn)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/lippo-cikarangs-ipo-oversubscribed-1447893297",
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"sponsor": "Okusi Associates",
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