DESPITE parting from its lead underwriter earlier this month and deteriorating market conditions, Indonesia's PT Mulialand is confident its US$250 million initial public offering will be successful. On the final leg of an extensive marketing roadshow to 14 cities in Asia, Europe and the United States, the Jakarta-based property developer made a presentation in Hong Kong yesterday to drum up support. Director Haryanto Thamrin said PT Mulialand and Jardine Fleming Nusantra agreed to part ways because the investment firm was uncomfortable with market conditions and wanted to postpone the offering. But, PT Mulialand believed it had a quality product to offer investors and wanted the offering to go ahead to raise capital for property development projects and debt reduction. He said Jardine Fleming did not inform PT Mulialand about its decision to postpone the issue until the last minute, which PT Mulialand was unable to accept. ''From the response we have gathered during the past week-and-a-half, I believe there's strong interest in our company,'' Mr Thamrin said. While Mr Thamrin said it was unlikely the issue would be delayed, David Chang, head of research with Sigma Batara, which replaced Jardines, said if the attractive price failed to generate sufficient interest, a postponement was possible. PT Mulialand's offering, which will comes to the market on May 26, will follow the modest debuts by Indonesian developers Ciputra Development and Putra Surya Perkasa on Monday. Ciputra closed just 1.9 per cent above its issue price of 5,200 rupiah (about HK$18.20) while Surya Perkasa closed at its offering price of 3,450 rupiah. Mr Thamrin said the company hoped its offering price of 3,600 rupiah to 4,100 rupiah, which would give it a price-earnings multiple of 13.5 to 14.5 times, would attract investors. The Jakarta Composite Index, which has dropped 26.3 per cent since January 5, trades at a multiple of about 20 times. If PT Mulialand's offering goes through, it will be the largest property stock on the Jakarta exchange with a market capitalisation of about US$850 million, accounting for about three per cent of the exchange. The company owns six commercial office buildings in the heart of Jakarta's business district with an average occupancy of 92.1 per cent. About $60 million of the issue's proceeds will be used for an eight-building, 2,700-unit condominium complex, with Southeast Asia's biggest shopping mall. Another $40 million will be used to build an office tower and $150 million is slated to increase PT Mulialand's land bank in Jakarta and reduce borrowings. Mr Thamrin said the company had looked at expanding to Kuala Lumpur, Hong Kong, China and Russia but decided to concentrate on Jakarta and Indonesia, but he did not rule out international projects in the future.