Indonesian mobile retailer kicks off $200 million IPO

Erajaya, the country's leading mobile phone retailer, is offering up to 40% of its share capital. Meanwhile, Xinyi Glass cancels the spin-off of its solar glass unit and, in Thailand, Big C postpones its rights issue EGM due to floods.

Indonesia’s biggest retailer of mobile phones and other wireless communication products, Erajaya Swasembada, has kicked off the institutional bookbuilding for an initial public offering that is aiming to raise up to $200 million, or about Rp1.8 trillion.

The company will sell as much as 40% of its share capital as it seeks funding to repay an $84 million promissory note issued in connection with the acquisition of fellow mobile distributor Teletama Arta Mandiri TAM in...

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