Sentul oversubscribed

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)