PSM's IPO oversubscribed

JAKARTA (JP): Consumer finance group PT Putra Surya Multidana's initial public offering has closed oversubscribed, the company said yesterday.

The company said the offer between April 7 and April 10 was oversubscribed 9.7 times.

"Of this, the foreign portion was oversubscribed 14.3 times and the local portion 5.2 times," the company said.

The shares will list on the Jakarta and Surabaya stock exchanges on April 28.

The shares were sold for Rp 2,175 representing a price earnings ratio of 12.6 based on forecast earnings per share for 1997 of Rp 172.

With 250,000 shares or 19.68 percent of the company's total shares on offer, over Rp 500 billion was raised in the float. (jsk)