Lestari completes IPO

JAKARTA (JP): PT Astra Agro Lestari, a subsidiary of the country's automaker Astra International, announced yesterday that its initial public offering (IPO) of shares, which was closed last week, was oversubscribed.

The company said in a statement yesterday it offered around 125.8 million shares to the public at a price of Rp 1,550 each to raise approximately Rp 195 billion in fresh funds from the public.

"The offering was well supported by both domestic and foreign investors who met the company during the road show," the company's president Benny Subianto said.

The statement said that 82.7 percent of the stocks were allocated for institutional investors and the remaining 17.3 percent for retail investors.

The oil palm plantation Astra Agro Lestari has 164,000 hectares of plantation, with palm oil accounting for 92 percent of the total area and the remaining 8 percent for rubber, tea and cocoa. (aly)