Deltamas kicks off IPO amid challenging market

The Indonesian industrial estate developer is seeking to raise up to $191 million and is offering its shares at a 60% discount to NAV.

Indonesia’s Puradelta Lestari, also known as Deltamas, has decided to go ahead and launch its initial public offering despite mixed feedback from investors and could well be the last deal of size to test the market before the traditionally slow month of August, when many fund managers tend to take their summer holidays.

The industrial estate developer needs money to fund the basic infrastructure, such as roads, electricity and water, as well as residential housing, parks and other common facilities on the land that it is then selling to various industries for development into factories. It is seeking to raise between Rp1.569 trillion and Rp1.952 trillion $154 million to $191...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222