Panin brings some life to the market

Investors snap up a rare share placement from the Indonesian private sector.

Panin Insurance yesterday priced a 2.9 billion share placement in its subsidiary Panin Life, selling 24.2% of the company's existing issued share capital. The deal was priced at RP160 a share, a 5.9% discount to the closing price of Rp170 a share on Wednesday. The deal raised Rp464 billion $50.2 million.

The deal in many ways represents an IPO rather than a secondary trade. With little under 23% of the company in free float...

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