PT Apexindo Pratama Duta plans to offer up to 335 million shares, or 17.8% of its enlarged share capital, in an initial public offering in early July. The company is a unit of listed oil and gas company PT Medco Energi Internasional (P.MCE). The company plans to use the majority of the proceeds to purchase drilling equipment. Medco Chief Financial Officer Sugiharto said last week that he expected the shares to be priced around 600 rupiah ($1=IDR9,290) per share. Apexindo recently received a $130 million drilling contract for an offshore Kalimantan exploration project. The company had net profit of IDR38.67 billion in 2001, swinging from a net loss of IDR9.33 billion the previous year.