Saratoga sets IPO price at IDR5,500, lower than initial indication | Company data
(The Insider Stories) - Indonesian investment company PT Saratoga Investama Sedaya, or SIS, set its IPO price at IDR5,500 a share, the low end of its revised indicative range. The deal re-launched with a price idea of IDR5,500-IDR5,600 after finding its initial IDR6,100-IDR7,800 indicative range too rich.
Saratoga plans to set the IPO offering for June 18-20, allotment June 21 and listing June 25. Joint lead underwriters are PT Deutsche Securities Indonesia, PT UBS Securities Indonesia and PT Indo Premier Securities.
A closely-held company, 32.45% of SIS is owned by private-equity magnate Edwin Soerdjaja through holding company Saratoga Capital, while co-founder Sandiaga Uno has another 32.45%, and PT Unitras Pertama owns 35.06%. Unitras is owned by Soeryadjaya (33.88%), sister Joyce Soeryadjaya Kerr (52%), and PT Saratoga Inti Perkasa (14.12%).
Saratoga Capital, which was founded in 1998, has said it has US$2 billion assets under management with portfolio investments in natural resources, energy, infrastructure, telecommunication, and consumer goods.
Saratoga owns shares in Indonesia’s second biggest coal miner, PT Adaro Energy (IDX:ADRO), telecommunication tower operator PT Tower Bersama Infrastructure (IDX:TBIG), automotive financing PT Mitra Pinasthika Mustika (IDX:MPMX), toll operator PT Lintas Marga Sedaya, which is developing the Cikampek-Palimanan toll road, power company PT Medco Power Indonesia, plantation firm PT Provident Agro and commercial carrier PT Mandala Airlines.
According to Saratoga founding partner Kay Mock, Saratoga has $600 million in funds after a 2011 fundraising exercise and has invested $135 million.
