BRI prices at top of range

Indonesian privatization programme buoyed by yet another success.

PT Bank Rakyat Indonesia BRI completed the largest equity deal from Indonesia since the financial crisis yesterday Wednesday with the completion of a roughly Rp4.17 trillion $486 million IPO. With Bahana Sekuritas and UBS as lead mangers, the microfinance lender priced a 4.764 billion share deal at Rp875 per share, the top end of a Rp700 to Rp875 indicative range.

The transaction has a split, which will see 54% of the deal placed with international investors and 46% with domestic investors. The local retail offering opens next week and will see10% of shares set aside for company employees and 5% for bank customers, each receiving a 3% discount. The base deal comprises...

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