Arpeni offers shares at Rp 700

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