BlueBird, the Indonesian taxi company, raised Rp2.4 trillion $200 million in a Jakarta initial public offering on Friday night.
It was less than the third-generation run group aimed to raise it initially sought as much as $300 million. However, BlueBird had to contend with paltry equity market conditions in the past few weeks, which weighed on a number of recent IPOs.
The Jakarta Stock Exchange is up 15% year-to-date, although, like other bourses, it has retreated in recent weeks amid worries of lower growth forecasts. It has dropped 6% since mid-September.
As such, BlueBird fixed the price at Rp6,500 per...