Indonesian state-owned construction firm raises 5.1 tln rupiah in IPO
JAKARTA - Indonesia’s PT Waskita Beton Precast (WBP), a subsidiary of state-owned construction firm PT Waskita Karya, yesterday raised 5.1 trillion Indonesian rupiah (est $380 million) in an initial public offering (IPO) of 40 percent of its shares on the Indonesia Stock Exchange (IDX), the company said in a statement.
WBP sold 10.5 billion shares at 490 rupiah ($0.03) each. The IPO was three times oversubscribed, said the company.
Its stock price rose 19.4 percent to 585 rupiah per share on its debut yesterday.
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