Re-IPO of XL Axiata could raise $552 million for parent

The deal will boost the free-float to as much as 20% from 0.2% today, making the Indonesian telecom operator a possible investment target for international funds.

Indonesia's third largest mobile operator Axiata XL has started taking orders for an institutional share sale that could raise up to Rp5.049 trillion $552 million for its Malaysian parent company.

The saleĀ is comprised entirely of secondary shares, but even though it won't generate any new funds for XL, it is still viewed as a re-IPO of the company since it will boost the free-float to 20% from a meagre 0.2% today. The increase in liquidity means the...

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