Erajaya raises $100 million from Indonesian IPO

The Indonesian mobile retailer sells 32% of its share capital at the bottom of the price range. Meanwhile, New World Development's rights issue ends significantly oversubscribed.

Erajaya raises $100 million from Indonesian IPO
The opening last month of Erajaya's first Erafone megastore in Mall of Indonesia

Indonesia’s biggest retailer of mobile phones and other wireless communication products, Erajaya Swasembada, has raised about Rp920 billion $100 million from its initial public offering after fixing the price at the bottom of the range.

The company also sold only 32% of its share capital, or 920 million shares, as the management felt it didn’t want to sell any more at that price and $100 million was enough to cover its capital needs. These include...

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