Unfavorable stock market conditions prompted Indonesian property company PT Wijaya Karya Realty to postpone its May IPO of up to 3.1 trillion rupiah, the Nikkei Asian Review reported, citing press officer Anissa Seruni.
The company was aiming to offer approximately 12.5 billion shares at a per-share price range of 195 to 255 rupiah. It planned to use 25% of the IPO proceeds for land acquisition, with another 30% reserved for corporate acquisitions.
Seruni did not provide details on the IPO rescheduling, according to the report.
As of May 22, US$1 was equivalent to 14,115.00 rupiah.
