Sentul oversubscribed

JAKARTA (JP): PT Royal Sentul Highlands's recent initial public offering (IPO) was oversubscribed by 500 percent due to high demand from both local and foreign investors, the company announced yesterday.

Avi Dwipayana, the president of PT Trimegah Securities, said the demand was such that many investors missed out on buying shares.

Royal Sentul, an urban development company, sold about 400 million shares or around 28 percent of its enlarged stock during its IPO early this month. The demand was six times the available shares.

The company, which sold shares at a nominal value of Rp 500, raised around Rp 200 billion (about US$83.33 million) from the IPO.

The company is developing a modern township in Sentul, near Bogor, West Java. Around 1,000 houses have been built on the 2,465-hectare project. (hen)