Indonesia's Cimory prices US$260m IPO near top end of range

[HONG KONG] An Indonesian dairy producer priced its initial public offering (IPO) near the top end of a marketed range, raising about US$260 million in what's set to be the nation's biggest first-time share sale by a food company in more than a decade.

PT Cisarua Mountain Dairy, known as Cimory, set the price of its shares at 3,080 rupiah (29 Singapore cents) each, according to Corporate Secretary Bernard Moller. Listing is tentatively scheduled for Dec 6, according to filings.

The Jakarta-based company is offering 1.19 billion shares, or 15 per cent of its enlarged capital, and had marketed them between 2,780 rupiah and 3,160 rupiah each. The proceeds will be used to expand production capacity, the company said earlier.

Cimory's IPO is Indonesia's largest since the US$1.3 billion sale by PT Dayamitra Telekomunikasi earlier this month. Known as Mitratel, the infrastructure services unit of a state-owned phone carrier is set for its trading debut on the Jakarta exchange next week.

BLOOMBERG