Mitra IPO oversubscribed

JAKARTA: Retail company PT Mitra Adiperkasa, the local franchisee for a number of international brands, including as Starbucks Coffee and Sogo, has earned Rp 312.5 billion from the sale of a 30 percent stake through an initial public offering (IPO).

The company said in a statement on Monday evening that the shares had been on sale from Nov. 2 until Nov. 4, and that the offer had been more than eight times oversubscribed.

Indrawana Widjaja, the firm's director, said that 50 percent of the proceeds would be utilized for business expansion, 30 percent would go toward repaying portions of third party loans, and the remaining 20 percent would be used for working capital.

Aside from Sogo and Starbucks Coffee, Mitra also has the franchises for Debenhams, Golf House, The Athlete's Foot, Reebok, Sports Station, Marks & Spencer, Spice Garden, Kinokuniya Bookstore, and Strandbags. -- JP