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

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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