JAKARTA: Non-coal miner PT Bumi Resources Mineral Tbk (BRMS) initial public offering (IPO) experienced an oversubscribed up to 29.89 times.
Executive Director of PT Danatama Makmur, BRMS's IPO main underwriter, Vicky Ganda Saputra said after the shares offering period, which was held simultaneously nationwide from 30 November-2 December for the potential investors, recorded the number of reservation on centralize allotment allocation (pooling) were oversubscribed up to 29.89 times.Bumi Minerals is a wholly owned subsidiary of Indonesia's largest thermal coal producer PT Bumi Resources Tbk (BUMI).Besides Danatama, Nomura Indonesia also appointed as the joint leader underwriters while Credit Suisse, JP Morgan and Nomura International were appointed as the International Selling Agents. "During the three days of shares offering, we booked 2,200 public investors subscribed with the price fixed at IDR635 per share," as he said. With IDR635 offering price per share and warrant exercise price fixed at IDR700 per warrant, he continued, the company might gain IDR3.6 trillion from the 3.3 billion shares or 18.16% from the company total shares offered to public. Bumi Resources posted a 37.02% drop in net income to US$195.61 million for the first 9 months ended September 2010 from US$310.59 million a year earlier as higher interest expenses and finance charges.In an unaudited financial statement submitted to Indonesia Stock Exchange (IDX) today, the company's interest expenses and finance charges steeply rose 459.05% to US$448.97 million from US$80.31 million. In return, net other charges widened 181.57% to US$121.78 million from US$43.25 million.However, at the operational line, Bumi still made a positive growths. Operating income advanced 10.61% to US$779.09 million from US$704.33 million. But, operating margin slightly fell to 24.54% from 26.57% on the back of higher cost of goods sold by 22.69%. Revenue increased 19.62% to US$3.17 billion from US$2.65 billion. (t05/wiw)
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