Investors looking to increase their exposure to Indonesia will have at least two potential targets to choose from early in the year as the government continues to reduce its stake in the country’s flagship assets. Yesterday, bankers started investor education for Garuda Indonesia’s upcoming initial public offering, which is expected to raise about $500 million, while Bank Mandiri kicked off the domestic roadshow for its rights issue that could raise as much as $1.6 billion.
Like the Bank Negara Indonesia rights issue in November, the government will not take up its 66.7% entitlement in the Mandiri rights issue but will sell the shares through a capital markets placement. This means that at least two-thirds...
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