Indonesia’s Deltamas pulls IPO

The industrial estate developer, which was initially seeking to raise at least $154 million, had been trying to find demand for a smaller and cheaper offering but has now decided not to proceed at this time.

After a week of trying to resurrect its initial public offering, Indonesia’s Puradelta Lestari has cancelled the deal, sources said Wednesday.

The industrial estate developer had been trying to raise between Rp1.569 trillion and Rp1.952 trillion between $154 million and $191 million, but investor demand came up short after the valuation of its closest comparables fell sharply during the six-day bookbuilding.

Rather than immediately pull the deal, the company chose to postpone the pricing, which was due on August 2, to try to see if it could find enough demand if it reduced the deal size and the price.

One source said last...

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