Indonesian state-owned cement company PT Semen Baturaja plans to go public in the third quarter of this year, Pandu Djajanto, state enterprises minister’s deputy for restructuring and privatisation said.
He said PT Semen Baturaja plans to offer 25% of its shares through an initial public offering. The plan would be submitted to an internal meeting with the minister. "We will propose PT Semen Baturaja. The meeting will take place on Sunday. According to plans the IPO will be done in the third quarter. We will also propose PT Waskita Karya and PT Hutama Karya," he said.
Regarding the IPO price of PT Semen Baturaja’s shares, Pandu said it would be referred to the minister. "It would be the minister that would decide the size. The company has a good prospect. So the price must not be set too low," Djajanto said.
Djajanto added PT Semen Baturaja is expected to raise around INR1trn (US$112m) from the IPO. The company plans to increase its production capacity and market share up to 30%.