Indoexchange to float shares Thursday

Indoexchange to float shares Thursday

JAKARTA (JP): Internet portal operator PT Indoexchange Dotcom
said on Monday it would float on the Jakarta and Surabaya stock
exchanges on Thursday.

Senior vice president of Indoexchange's lead underwriter, PT
Ciptadana Securities, Susanto Kusnadi, said shares of
Indoexchange were oversubscribed during its initial public
offering from May 2 to May 4.

"This is quite relieving, considering that the market is at
its lowest level since the second memorandum was issued by the
House of Representatives," Susanto was quoted as saying by Antara
news agency.

The company sold 120 million new shares during the initial
public offering at Rp 125 (about 1.11 U.S. cents) each.

He said Indoexchange plans to use 50 percent of its proceeds
from the public offering to expand its core business.

This covers 25 percent for the expansion of its computer and
server infrastructure, and 25 percent for the expansion of its
financial and business-to-business portals.

Of the remaining amount, 20 percent will be used to seek
strategic partners, 15 percent to finance its marketing and
promotion costs, and 15 percent to strengthen its working
capital.

Susanto said that Indoexchange is the first company to offer
financial and capital market news about Indonesia.

Established in 1996, the company's main income sources are its
online services at its portal, computer networking services, and
its business-to-business services.

Indoexchange's business-to-business websites include,
NexiaOnline, for the textile industry, and MiningIndo, for the
mining industry. (bkm)