BALIKPAPAN: PT Cipaganti Global Corporindo will soon make an initial public offering of 30% to 40% shares of its subsidiary, PT Cipaganti Citra Graha, in the second half of the year to tap IDR1 trillion. The company is selecting underwriters to help manage the initial public offering (IPO). Cipaganti Global President Director Andianto Setiabudi said the plan emerged last year and it was previously expected to happen enter the market in the first half this year.Incomplete document and market development has delayed the plan until the second semester of the year.We have planned to make IPO of Cipaganti Citra Graha in the second half of 2011. It was delayed from the planned schedule in the first half of 2011, he said today.Proceeds from the IPO will strengthen the capital of the subsidiary running in transportation and heavy equipment. Andi said that the total share to be offered will be 30% to 40%. The amount keep Cipaganti Global the controlling shareholder of the unit.Previously, the holding would go public, but we decided to make IPO for Cipaganti Citra Graha. Then Cipaganti Inti Resources will follow in the first half of 2012, he revealed.Cipaganti is ready to conduct IPO bevaus the company is in healthy condition and will keep growing, according to Advisor Financial Cipaganti Group Iwan Purnawan. Given the good performance, the market will welcome the IPO.We are currently having a beauty contest of underwriters. There are some targets. But one securities company is too risky, so there will be a consortium, he affirmed.The securities companies under consideration are PT Trimegah Sekuritas, PT Ciptadana Securities and state-owned companies Mandiri Sekuritas and Danareksa.For Cipaganti Citra Grha, we target to get IDR500 billion to IDR1 trillion. For Ciptaganti Inti Resources, we will see later, Iwan said.Cipaganti Citra Graha initially ran the business of car renting and travel agency. It developed into heavy equipment renting, which based in Borneo. The subsidiary then expanded the network to Java and Sumatera.Cipaganti Citra Graha owns 500 units of heavy equipment and targets to increase to 1,000 units by 2011, in line with prospective mining sector. Of the target, 65% will come from its business partner Komatsu. (t04/wiw)

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