Hundreds of investors pile into XL Axiata re-IPO

The Indonesian mobile operator prices its secondary share sale at the top of the range for a total deal size of $552 million.

Indonesia's third largest mobile operator, XL Axiata, has attracted strong demand for its follow-on institutional share sale, allowing its Malaysian parent company to raise the maximum Rp5.049 trillion $552 million that it was targeting.

The deal is the largest follow-on in Indonesia since 2006 and the largest secondary share follow-on since 1996, bankers say.

The company said in a statement that the offering, which is viewed as a re-IPO on account of the significant boost to the free-float, was three...

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