Arpeni offers shares at Rp 700

JAKARTA: Shipping company PT Arpeni Pratama Ocean Line Tbk offered 500 million shares, or 33.3 percent of the company's total shares, worth between Rp 700 (7 U.S. cents) and Rp 1,200 each during its Initial Public Offering on Monday.

"The price earning ratio (PER) for each share is between 4.7 and eight times. While the PER of a similar industry is around six," said Rusmin Kasmin, financial director of DBS Vickers Securities which is the underwriter with Mandiri Securities, as quoted by detik.com.

The shares will be listed at the Jakarta Stock Exchange on June 10 with the book building period between May 2 and May 18 and the offering period from June 1 to June 3.

The company will also have a road show from May 4 to May 13 in Singapore, Hong Kong and London.

Ninety percent of the proceeds from the IPO will be used to purchase 12 ships with different specifications. -- JP