Lippo Cikarang's IPO big success

Lippo Cikarang's IPO big success

JAKARTA (JP): PT Lippo Cikarang said Wednesday that its recent
initial public offering (IPO) was a big success, with demand far
exceeding available shares.

Lippo Group's deputy chairman, James T. Raidy, said the IPO
was oversubscribed by 150 percent, forcing the company to make an
allotment to subscribers.

Lippo Cikarang, a property subsidiary of widely diversified
Lippo Group, is the developer of a 5,550-hectare self-contained
city project in Cikarang, West Jakarta.

Riady said the company raised around Rp 100 billion (US$41
million) from the IPO to further expand the township project.

The company sold 108.58 million new shares during the IPO and
was scheduled to list the shares on the Jakarta and Surabaya
stock exchanges later this month.

Lippo Cikarang's chief executive officer, Eddy Sundoro,
attributed the IPO success to the company's strong commitment in
developing the self-contained city.

Company vice president, Susiloputro, said the 850-hectare
industrial zone in Lippo Cikarang would further strengthen the
township.

Some leading industries and companies also opened offices in
Lippo Cikarang, which also has a 22,000-square-meter shopping
mall, 143 shops and a four-star hotel.

Company profit was projected to increase to Rp 76 billion in
its financial year which ended in June from Rp 71 billion in the
previous year.

Lippo Cikarang has developed 1,060 hectares out of its 2,450
hectares of land. (icn)