JAWA released 1.132 billion shares or 30 percent of its issued capital, fully paid in after initial public offering that raised Rp566.202 billion.
In the primary trading the price of JAWA shares rose eight percent to Rp540 from an initial price of Rp500 per share.
"We are grateful the market response is very good. During offering we are oversubscribed 2.44 times of the number of shares released to the public. This is because the market has seen our business experience of 90 years in the plantation sector," JAWA president director Harijadi Soedarjo after listing here on Monday.
He said 90 percent of the proceeds from the IPO would be used for planting and developing rubber and oil palm plantations to support the company`s business.
Apart from that, he said, he also planned to build rubber factories in West Java and East Java each with a capacity of 150 kilograms per hour.
The rest 10 percent of the proceeds meanwhile would be used for paying the cost of new land acquisition, working capital and capital expenditures, he said.
"We would use 90 percent of the funds from the IPO for planting and developing rubber and oil palm plantations in South Kalimantan, building crumb rubber factories in South Kalimantan, West and East Java and other corporate actions," he said.
After the IPO Utama Hadi Surya holds 19.99 percent, Dwijaya Hadi Surya 19.99 percent, PT Sinar Kasih Abadi 21 percent, PT Aji Lebur Seketi 9.02 percent and the public 30 percent.
Acting as underwriters for the IPO were PT Mandiri Sekuritas and PT OSK Nusadana Securities Indonesia.
PT Jaya Agra Wattie is a rubber, oil palm, coffee and tea plantations company and has nine palm oil processing plants in Banten (West Java), East Java and South Kalimantan.
PT Jaya Agra Wattie is the eighth issuer recorded at BEI this year to increase the number of listed companies to 426.
(Uu.H-YH/HAJM/F001)
Editor: Priyambodo RH
Copyright © ANTARA 2011
