Investors remain switched on to SCM

CLSA completes the first IPO from Indonesia since 1997 incorporating an international tranche.

Institutional books for a 375 million share flotation of Indonesian TV company PT Surya Citra Media SCM were closed on Friday after being kept open for an extra day because of volatile equity markets. The deal ended up being completed placement style after the book was re-built at Rp1,100 per share to take into account fall-out in world equity markets triggered by Worldcom last Wednesday.

Originally the deal had been pre-marketed at Rp1,400 to Rp1,550 per share and will net proceeds of Rp214.5 billion $47 million pending the completion of the retail offering next week. The institutional portion constituted 70% of the total subject to clawbacks, with 20% to be allocated to retail...

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