Indika, Petrosea placement & below range
PT Indika Energy Tbk (NDY), an energy integrated company that controls PT Petrosea Tbk (PTRO), an Indonesian engineering, construction, contract mining and equipment rental company, finally set the shares placement of Petrosea at Rp36,000 a share, grabbing a total proceed of Rp907.56 billion.
A source familiar with the matter said the final price is below the initial range previously set by Indika and two joint bookrunners for the placement, Citi and Macquarie.
“During a book building, Citi set the shares placement within the range of Rp44,500-Rp51,500 a share, reflecting a 6.7x-7.7x PER in 2012,” the source told Insider Stories.
However, investor asked a discount for Petrosea shares. “Investor is not satisfied with Indika, especially whhen they held shares placement in 2010. They think what was happened in 2010 could be repeated today.”
Despite the below range, Indika has gained Rp25,598 a share. With the shares placement of 25% stake or 25.21 million shares, Indika bagged Rp645.33 billion.
In 2009, Indika conducted a tender offer for the remaining shares of Petrosea from the public investor at Rp10,420 a share. Hence the capital gain is Rp25,598 a share.
During the sale, Indika also provides a greenshoe option of 3.75% stake into the shares placement. Citi and Macquarie schedules to price the sale on February 2 2012.
Here are the complete term sheet of Petrosea shares placement:
Deal terms:
Issuer: Petrosea
Selling shareholder: Indika Energy
Type of offering: Global Offering
Listing: Main Board of The Indonesian Stock Exchange
Current shares o/s: 100,860,500 secondary shares
Base offer: 25,215,000 secondary shares (25% of existing shares)
Greenshoe option: 3,782,000 secondary shares (3.75% of existing shares)
Board lot: 500 Shares
Joint Bookrunner: Citi and Macquarie
Fees: 1% brokerage plus usual market charges
Selling restrictions United States - only to QIBs
Rest of the world - Reg S Cat. 1 accounts, Institutionaland professional investors only. Not for distribution into Japan, Canada and PRC
Lock-up: 180 days lock-up on the remaining stake of the selling shareholder
Timetable:
Management bookbuilding
Jakarta 25 Jan 2012
Kuala Lumpur 26 Jan 2012
Singapore 27 Jan 2012 and 30 Jan 2012
Hong Kong 31 Jan 2012 and 1 Feb 2012
London 2 Feb 2012
Pricing 2 Feb 2012
Trade date 3 Feb 2012
Settlement 8 Feb 2012
Disclosure: No position at the stocks mentioned above.
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