CVC-controlled Matahari Department Store launches $1.36 billion follow-on

The deal is supported by 15 cornerstone investors, who will buy up to 36% of the base offering, and was fully covered on the first day, sources say.
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One of Matahari’s 116 department stores in Indonesia (AFP) </div>
<div style="text-align: left;"> One of Matahari’s 116 department stores in Indonesia (AFP) </div>

The controlling shareholders of Matahari Department Store yesterday kicked off the bookbuilding for what could become the largest equity offering in Indonesia in almost five years.

The sellers, led by private equity firm CVC Capital Partners, are looking to raise between Rp11.67 trillion and Rp13.13 trillion $1.2 billion to $1.36 billion from the sale of a 40% stake in the company. The offering also comes with a 15% overallotment option that could increase the deal size to 46% of company and the total proceeds to as much as Rp15.10 trillion $1.6 billion.

Matahari is already listed, but has a free-float of less than 2%, so even...

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