JAKARTA: PT Megapolitan Developments set the price for its initial public offering (IPO) at IDR150-IDR250 per share to scoop around IDR127.5 billion-IDR212.5 billion.The company plans the IPO on 3-5 January next year, while price determination starts on 17-21 December 2010. About 850 million shares will be released to the public.President Director of Megapolitan Melani Lowas said most of the IPO proceeds will be used for business development, and the rest to be allocated for the companys working capital."The IPO will be held to fund the companys business expansion considering the potential growth in property sector next year," he told the press yesterday.Of the total IPO funds, about 36% will used to develop apartment projects, lifestyle centers, and hypermarkets at Puri Cinere, Depok and 24% will be used for funding the construction of infrastructure facilities in Cimandala Sentul City.Whereas, 27% of the fund will be used to develop housing and shopping center at Sentul Tatya Asri. Then the other 5% will be allocated for development of Graha Cinere Depok residential, and the rest for adding working capital, especially for employees' salaries. (T03/NOM)
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