PGN rounds off Indonesian privatization programme for 2004

Gas transmission and distribution company prices IPO towards the lower end of its indicative range after investors close their books for the year.

Perusahaan Gas Negara PGN priced its IPO yesterday Wednesday towards the lower end of its Rp1,300 to Rp2,100 price range, securing an issue price of Rp1,500 per share.

With ABN AMRO Rothschild, Credit Suisse First Boston and Danareksa Sekuritas as lead managers, the company raised Rp1.94 trillion $229 million on a base deal size of 1.296 billion shares. If a 194 million share greenshoe and a redshoe are exercised, the total deal size will be bumped up to Rp2.526 trillion $297 million.

The institutional book is said to have closed just over three-and-a-half times covered, with momentum building strongly over the past two days following a lacklustre start. The first...

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