REPUBLIKA.CO.ID, JAKARTA -- Transportation company PT Eka Sari Lorena Transport officially set an initial public offering (IPO) at Indonesia's Stock Exchange (IDX) on Tuesday. Company set IPO price of 900 IDR per sheet, but opened low to 895 IDR per sheet.

Lorena is the 10th issuer at IDX this year. Company brings its 150 million shares or 42.86 percent of total issued and paid up capital.

The IPO proceeds reaches 135 billion IDR used for development of Inter-city Bus Fleets Across the Province (AKAP), TransJakarta Busway Integrated Border Transportation (APTB), Integrated City Busway (BKTB) and reconditioning old busses.

These activities needed 81 percent of IPO proceeds, while 16 percent others allocated for depot and workshop infrastructure facilities of Transjakarta Busway in Ceger, East Jakarta and three percent for working capital.

"Transportation sector has an important role in Indonesia's economic growth. Our economy cannot grow without good transportation system," Lorena's president director, GT Soerbakti said on Tuesday.

Beside IPO process, Lorena also issued 30 million shares of warrants (1st series) to be given to each shareholder whose name was listed as registered shareholder. Company also allocated 6,245 shares for its employees.

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