indonesia-privatises-part-of-toll-road-company

Indonesia privatises part of toll road company

The Indonesian government sells 30% of Jasa Marga, pricing the IPO towards the top of the range to raise $380 million.
PT Jasa Marga, IndonesiaÆs leading toll road operator, has raised Rp3.47 trillion $380 million from the countryÆs fourth largest initial public offering since the Asian financial crisis.

The deal is the second sell-down in an Indonesian government-owned company this year following the re-IPO of PT Bank Negara Indonesia BNI at the end of July, which raised $774 million, of which about 43% went into the state coffers. The sale cut the governmentÆs stake in BNI from 99.1% to about 73%.

Jasa MargaÆs offering had a slow start, partly due to a set of Indonesian holidays during the roadshow, but the deal picked up pace and, when it closed on Friday, it was more than four...
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