Indonesian ethanol producer floats IPO to fund second plant

In Indonesia, Madusari Murni Indah plans to float 20% of its share capital in an IPO on the Indonesian Stock Exchange in search for $19 million in fresh capital that will let it finance a second, 70 million liter ethanol facility in Lampung (South Sumatra) as well as some additional ethanol storage in Lawang (East Java). Current production at its first facility is 80 million liters. Of the nearly half billion shares available for purchase, 80% will be reserved for domestic institutional investors.

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