Protelindo hits road for potential $514m follow-on

The sale by existing shareholders is for a stake of up to 15% in Indonesia’s largest telecom tower operator.

Protelindo hits road for potential $514m follow-on

A group of Sarana Menara Nusantara shareholders kicked off bookbuilding late last Friday for what could be the largest equity offering in Indonesia in more than 18 months.

The shareholders, led by US hedge fund Tiger Global Management and Hong Kong-based Tybourne Capital Management, want to raise between Rp5 trillion and Rp5.6 trillion $375 million to $422 million by selling an initial, combined 12.3% stake in the listed infrastructure group.

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