Lestari completes IPO

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)