Cikarang Listrindo Receives Fresh Fund IDR2.4Trn from IPO Proceeds

Cikarang Listrindo, Tbk (POWR IJ), an electricity provider company, managed to sell off its stock as much as 1.6 billion shares, around worth IDR2.4trn through initial public offering (IPO), listed in Indonesia Stock Exchange (IDX) on Tuesday (14/06). Cikarang Listrindo sell off as much as 10% its shares at price at level IDR1,500 per shares. Around 75% of IPO are absorbed by the United States and Asia’s investor, such as: Matthews International Capital Management. Currently, Cikarang Listrindo was working on gas power plant project in Megalopolis Manunggal industrial area, Cikarang, West Java with capacity 1,100MW up to 1,400MW totally worth USD800bn. In this project, the Company has signed an agreement with General Electric, with investment value reached USD800mn. On its first day trading, Cikarang Listrindo shares price closed at level IDR1,540 per shares or increase 2.67%.

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