Link Net, an Indonesian Internet service provider, has set the price of its initial public offering at the upper level of its previous indicative price, to reflect investor demand for the first-time share sale, the Jakarta Globe reported.
The company, a unit of First Media, has priced the offer at 1,600 rupiah ($0.14) apiece, at the upper level of its previous indicative price of 1,575 rupiah to 1,600 rupiah per share, First Media said in the statement sent to the Indonesia Stock Exchange on Tuesday.
Link Net, which is known for its broadband Internet service FastNet, plans to offer 304 million shares, or the equivalent of 10 percent of its equity to investors later this month.
The company seeks to rake in as much as 486 billion rupiah ($42 million) from the sale. (Jakarta Globe)
Note: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 11,536.5 Indonesian rupiah) (Compiled by Jakarta Newsroom; Editing by Sunil Nair)