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Indonesia's Asuransi Tugu Pratama prices IPO

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Indonesia's Asuransi Tugu Pratama prices IPO

PT Asuransi Tugu Pratama Indonesia Tbk priced its planned IPO at 3,850 rupiah per share, IDN Financials reported May 21.

The Indonesia-based general insurer had set during its book building an indicative price range of between 3,850 rupiah and 5,000 rupiah per share.

The company received regulatory approval from Indonesia's Financial Services Authority on May 17, according to regulatory information referred to by IDN Financials.

Asuransi Tugu Pratama plans to issue 177.78 million new shares through the IPO on the Indonesian stock exchange on May 28, the bourse's news outlet reported, citing Bisnis Indonesia.

In April, Indonesia Investments, which reported without citing sources that the company is planning to issue 282.35 million shares, said it will use three-quarters of the IPO proceeds to strengthen its capital base and will inject the remaining amount into unit PT Tugu Reasuransi Indonesia.

As of May 18, US$1 was equivalent to 14,133.00 Indonesian rupiah.