JAKARTA: Following bearish on market, the stove and regulator producer, PT Aditec Cakrawiyasa postponed its plan to have initial public offering (IPO) from the original schedule to next year.However, the company plans to double the IPO proceeds target. The IPO proceeds target can not be announced now, said President Director of Aditec Rawono Sosrodimulyo to Bisnis.He could not ensure the proceeds target to reach above IDR500 billion or below it. Last year, the company said the IPO proceeds will be under IDR500 billion, but it could not give the definitive range.According to Rawono, the company postponed the IPO due to two reasons. Firstly, the company has to conduct a review to boost operational performance of the company in order to increase the IPO proceeds target.He said the increase on regulator and stove sales has occurred since the end of last year when the company has been publicly recognized from advertising in printed and electronic media.The advertising has been done in the mid of 2010, but the impact is occurred after three months until early this year. The sales increased in double. We hope it will also increase this year, and we want to allocate advertising expenditure, he said without giving any details.Market SituationRawono gave another considered factor to postpone the IPO is because of the negative capital market condition which can be seen from the decline in Jakarta Composite Index from January until now.One of the indicators, as he said, is the IPO of PT Garuda Indonesia Tbk which is failed to amaze market.To reinforce the plan, the company still opens a chance to add or change the underwriter composition.Since the company postponed the IPO plan then the contract of the underwriters which was owned by PT Dinamika Usahajaya and PT Erdikha Elit Sekuritas finally expired last year. The contract was valid only for six months, it can be changed.The company, as Rawono said, saw that there is no need to ask prelisting contract again from PT Bursa Efek Indonesia and it can directly submitted IPO documents to Capital Market and Financial Supervisory Agency (Bapepam-LK).Separately, Director of Listing of Indonesian Stock Exchange (IDX) Eddy Sugito said the company postponed to give registration documents to Bapepam-LK since it has to renew the previous documents that have been submitted to market authority.If it has expired more than 6 months [from the signing of prelisting contract], the contract has to be renewed, thus the company need to submit the updated data. (t03/wiw)

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