REPUBLIKA.CO.ID, JAKARTA - The first modern retailer of electronic products in Indonesia, PT Indonesia is planning to raise funds from initial public offering (IPO) as many as 25 percent or equals to 333.33 million shares. The company sets IPO price at 4,050 to 5,400 IDR per share.

Electronic City has appointed Danareksa Sekuritas to be underwriter for IPO. Direcor of Danareksa Sekuritas Iman Hilmansyah estimated that the company would hold it on June 5-14, 2013.

"The effective date of the Financial Services Authority (OJK) is expected to be obtained on June 21, while the listing at the Indonesia Stock Exchange (BEI) is planned on July 3," Hilmansyah said on Wednesday.

Funds that will be received from IPO to be allocated to repay loan from Bank CIMB Niaga and Bank Victoria as many as 10 percent of the result. Meanwhile, 85 percent will be used to develop stores as well as to acquire land.

Besides IPO, Electronic City will also conduct employee stock allocation (ESA). The company allocates stock as many as two percent of total issuance of shares which is offered.

Until 2012, the company posted a net profit of 125 billion IDR, increased 396 percent than 2011. The company posted revenue growth of 23 percent to 1.43 trillion ID in 2012. 

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