JAKARTA: Paper manufacturer PT Alkindo Naratama Tbk could raise up to IDR33.75 billion at an initial public offering scheduled on July 12, 20011.In a prospectus published today, the company has set the final price of the IPO at IDR225 per share. The proceeds will be used to to settle debt to two banks, land investment, and working capitalPreviously, Alkindo Naratama was offered at Rp225-Rp300 per share during IPO. Alkindo, whose majority is owned and founded by Herwanto Sutanto and Lili Sutanto, is selling 150 million new shares or 27.27% of its enlarged capital, enabling the company to raise Rp33 billion-Rp45 billion.The company has appointed PT Erdikha Elit Sekuritas as its underwriter in this case.The offering will last three days and start next Monday, whilst the allotment is set on July 8.Alkindo was founded in 1990, with 20 years in paper converting company, specializing in paper tube and textile yarn carrier. Since 2005, Alkindo has expanded its business portfolio into honeycomb and edge protector manufacture. Alkindo also sets up a chemical division in 2006 to provide a better adhesive for honeycomb. (NOM)
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