Two Saratoga units eyeing 2Q IPO for business expansion | Company data
(The Insider Stories) — Indonesian private-equity magnates Edwin Soeryadjaya and Sandiaga Uno plan to list at least 15% of their PE fund PT Saratoga Investama Sedaya and a 20% stake of automotive distribution PT Mitra Pinasthika Mustika Finance on the Indonesia Stock Exchange by June, according to people close to the matter.
Saratoga Investama Sedaya plans to use the majority of the proceeds from the initial public offering to further expand its equity investment in three main business sectors: infrastructure, consumer goods and consumer services, and natural resources.
“We haven’t decided yet the percentage of the shares but it’s a pleasure to us to support Indonesia’s capital market through this corporate action,” Sandiaga Uno told The Insider Stories.
He said Saratoga has picked UBS, Deutsche Bank AG and PT Indopremier Securities as underwriters for the share offering of Investama Sedaya and has appointed Morgan Stanley and Deutsche Bank as underwriters for the planned IPO of MPM Finance.
Saratoga founding partner Kay Mock said recently that it has so far invested $135 million out of $600 million funds raised in 2011, with local media reporting Saratoga could raise about $200 million from the second-quarter share offerings.
Edwin Soeryadjaya through Saratoga Capital holds a 32.45% stake in Saratoga Investama Sedaya while Sandiaga Uno also owns 32.45%. The remaining stake is owned by PT Unitras Pertama, majority controlled by the Soeryadjaya family.
Saratoga owns 50% of MPM Finance which provides automotive financing and holds sole distributorship for Honda motorcycles in East Java and East Nusa Tenggara provinces.
Founded in 1998, Saratoga Capital said it has $2 billion of assets under management with investments in natural resources, energy, infrastructure, telecommunications, consumer goods, and airlines. Its portfolio includes stakes in coal miner Adaro Energy (ADRO), Tower Bersama Infrastructure (TBIG), Bank Pundi, Medco Power Indonesia, and Mandala Airlines.
