Bayan Resources IPO draws strong demand
The Indonesian coal producer attracts more than $1.8 billion in orders despite a sharp downturn for most of its sector peers, but is forced to price its $529 million deal towards the low end.
IndonesiaÆs eighth largest thermal coal producer Bayan Resources has raised Rp4.83 trillion $529 million from the countryÆs largest private sector IPO marketed to international investors, proving wrong the sceptics who doubted that a deal this size could get done in the current market environment.
Bayan did face its fair share of challenges though, as tumbling oil prices sent the share prices of rival Indonesian coal companies sharply lower during the roadshow, which lasted just over two weeks. However, sole bookrunner...
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