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 before the sale, the company was very illiquid. But now the shares listed on the public markets have now doubled to around 47% of the company. Indeed, given the scope of the offering, the sale...
