Indonesia's third largest mobile operator, XL Axiata, has attracted strong demand for its follow-on institutional share sale, allowing its Malaysian parent company to raise the maximum Rp5.049 trillion $552 million that it was targeting.
The deal is the largest follow-on in Indonesia since 2006 and the largest secondary share follow-on since 1996, bankers say.
The company said in a statement that the offering, which is viewed as a re-IPO on account of the significant boost to the free-float, was three to four times covered and, according to a source, it attracted 250-300 investors -- most of which were top quality.
Indonesia has been attracting a lot of interest among international investors as one...
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