JAKARTA: PT Metropolitan Land Tbk sets the shares price in its initial public offering (IPO) at IDR240 per share and offers more than 1.89 billion shares or equivalent to 25% of paid-in capital.The company could gain IDR455 billion proceeds from such price determination, Metropolitan Lands Corporate Secretary Olivia Surodjo said.The shares release is expected to provide funds to develop a number of companys project and enlarge its share ownership in subsidiary, she said in press release, yesterday.Most of the IPO proceeds will be used to develop new projects such as malls, strata title apartments, hotels expansion and to purchase subsidiarys shares. Metland will use the remaining proceeds for working capital.The company expects to grab effective statement from Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) in second week of June and conducts listing on June 20, 2011. We plan to conduct the IPO in 13-15 June, she added.According to Bisnis data, the company plans to conduct listing in Indonesia Stock Exchange (IDX) in May 13 but it was postponed since the negotiation with anchor investor has not been completed.Earlier, the company has settled the price negotiation with anchor investor which is the domestic investor, yet, he declined to detail out the investor identity and total shares that will be purchased.Actually, its a foreign institution and it has branch office in Indonesia. The amount is quite significant but flexible, she added.Metland did not experience oversubscribe during the book building. However, institution investor responded well while retail investor only purchased less than 20% shares that offered.As reported, the company under Metropolitan Group currently conducts initial public offering (IPO) and it plans to release 2.27 billion shares or around 30% of the total company shares at price of IDR240-IDR300 per share.Metland has appointed PT Danareksa Sekuritas and PT DBS Vickers Securities as underwriters. It conducts road show to Singapore and Hong Kong. (t06)

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