Re-IPO in Astra Otoparts raises $287 million

The secondary share sale in the Indonesian car parts maker attracts robust demand, with Japan’s Toyota Tsusho taking about one-third of the deal. The stock jumps after the transaction.

Re-IPO in Astra Otoparts raises $287 million

Astra International, a majority shareholder of Astra Otoparts, has raised Rp2.8 trillion $287 million from a fully marketed secondary share placement in the Indonesian automotive parts company, after fixing the price near the top of the range, a source said yesterday.

The placement consisted of 100% secondary shares, which means all the proceeds will go to the parent company. After the transaction, Astra Otoparts’ free-float will increase to about 20% from 4.3%. Due to the...

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