Indika seeks to boost free-float in Petrosea to 18%

Pre-marketing starts for a follow-on share sale in Indonesian contract mining and equipment rental company Petrosea that could raise about $100 million.

<div style="text-align: left;"> Petrosea has increased its focus on mining since Indika took over in 2009</div>

By Anette Jönsson

January 09, 2012

Petrosea, an Indonesian engineering, construction, contract mining and equipment rental company owned by Indika Energy, looks set to become one of the first big companies to sell shares to international investors this year after bankers started pre-marketing a follow-on yesterday.

According to a source, the pre-marketing is scheduled to continue until January 19 and the deal is expected to launch after the Lunar New Year holidays. However, the timetable has yet to be fixed. Citi and Macquarie are arranging the deal.

Petrosea listed on the predecessor to the Indonesian Stock Exchange in 1990. However, in 2009 Indonesian coal miner Indika Energy bought a 98.55% stake in the...

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