Construction company completes first 2006 Indonesian IPO with international tranche

Good growth prospects, profitablity and cheap valuation enables Total Bangun to raise $32.5 million from combined IPO and private placement.

IndonesiaÆs leading construction company Total Bangun Persada has become the first Indonesian company this year to complete an initial public offering that was marketed to both international and domestic investors.

The offer was priced at the bottom of the indicated range to raise a modest $32.3 million, which wasnÆt really enough to put investor interest to a real test. It was still a step up in terms of momentum, however, after two other Indonesian listing candidates in recent weeks cut...

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