Indonesia Stock Exchange (IDX) halt the stock trading after the Jakarta Composite Index (JCI) dropped 5 percent to 4,456.1 at 3.03 p.m. Eastern Time, a lowest level since 2016 - Photo: Special

JAKARTA (TheInsiderStories) – PT Borneo Olah Sarana Sukses (IDX:BOSS), a coal mining company, is seeking to raise between Rp140-Rp240 billion from its plan initial public offering (IPO). The company sets offering date on Feb, 9-13, 2018 followed by listing on Feb. 21. The company plans to seel 400 million units of shares via the IPO, representing 28.57 per cent of the company’s enlarged capital.

The company sets IPO price range of Rp350 to Rp600 per share. It has appointed PT Victoria Sekuritas Indonesia as the underwriter of the IPO. Borneo Sarana is a medium-size coal player. In 9 months to September 2017, the company booked sales of Rp120.62 billion, up 131.16 per cent from Rp52.18 a year earlier.

Borneo Olah Sarana is among few companies that will list shares on the Indonesian Exchange in the first quarter. The others are PT BTPN Syariah, PT Sky Energy Indonesia and PT LCK Global.

In 2017, 37 companies listed shares on the bourse. The exchange board expects at least 35 companies to go public this year, some of which will be subsidiaries of state-owned companies. (*)