[IPO] Samudra Energy

chopra

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UPDATE 1-Samudra Energy looks to raise up to $223 mln in Singapore IPO-term sheet | Reuters


(Reuters) - Samudra Energy Ltd, which owns gas and oil interests in Indonesia, is seeking to raise S$248 million to S$276.3 million ($223 million) in an initial public offering in Singapore, according to a term sheet seen by Reuters.

The deal is a sign of some revival in Singapore's IPO market, which in January-June saw the slowest start to a year in terms of amounts raised since the first half of 2012.

On Thursday, Accordia Golf Trust, backed by golf courses in Japan, said it would raise about $612 million in a stock market listing in Singapore after pricing the sale at S$0.97 a unit, the lower end of an earlier indicative price range.

Samudra is selling about 131 million shares, excluding the greenshoe option, at an indicative price range of S$1.89 to S$2.11 a share, the term sheet said.

Samudra Energy is part of private equity firm Northstar Group, which focuses on Indonesia and Southeast Asia.

Caprice Capital International Ltd, Guoline Capital Ltd, Funds managed by OCP Asia (Hong Kong) Limited and Sky Trinity Investments Ltd have agreed to buy 30 percent of the total IPO offering as cornerstone investors, the sheet said.

The company filed a prospectus on Thursday night, which did not provide pricing details.

Credit Suisse and Nomura 9716.T are the joint global co-ordinators and bookrunners with CIMB.

($1 = 1.2400 Singapore Dollars) (Reporting by Ngui Yantoultra and Saeed Azhar; Editing by Stephen Coates)
 

starbugs

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Samudra Energy launches Singapore IPO - Equity - Deals - News - FinanceAsia.com - The network for financial decision makers

One risk factor investors will focus on is the company's current loss making status. Analysts do not believe the company will turn a profit for the next three years because of amortisation and interest expenses on its debt.

For the 2013 financial year, the company reported revenues of $54.2 million, Ebitda of $13 million and a net loss of $33.6 million. Current forecasts suggest that while revenues will climb to $90 million by 2015 and Ebitda to $27 million, the net loss will widen to $102 million.
:s22:
 

tiny

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Will there be drilling of unexplored wells and shouting of ereka?!
 
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