Wattie CEO Confirms May IPO Plan, Seeks to Raise IDR700 Bln

The chief executive of PT Jaya Agra Wattie, or J.A. Wattie, said Monday that the agricultural firm is looking to raise about IDR700 billion ($81 million) via an initial public offering in May, confirming an earlier Dow Jones Newswires report.
“We have appointed Mandiri Sekuritas and OSK Nusadana as underwriters for the share offering...We want to double our planted area within the next five years,“ Harijadi Soedarjo said.
The company currently has a planted area of 25,000 hectares in Indonesia, he added. Two persons familiar with the matter told Dow Jones Newswires last week that the company was seeking to raise between IDR500 billion and IDR700 billion in an IPO, proceeds from which will be used to finance business expansion.
J.A. Wattie, which manages 15 plantations across Java and Kalimantan islands, is the latest agricultural company seeking to list on the Indonesian Stock Exchange, encouraged by a recent surge in commodity prices globally.
The company derives 60% of its revenue from rubber plantations, 37% from oil palm plantations, and the remaining 3% from coffee and tea plantations.
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