Mandiri pre-markets $150 million IPO

Pre-marketing begins today (Friday) for a deal that will raise up to $150 million.

ABN AMRO Rothschild, Credit Suisse First Boston and joint global co-ordinator Danareksa Sekuritas begin pre-marketing today for an all secondary share sale in Indonesia's largest financial institution, Bank Mandiri.

Initially, a 30% sale combining both primary and secondary shares had been planned. However, this has now been scaled back in recognition that the Indonesian market would find it very hard to absorb about $300 million of new paper when the exchange still averages only $40 million to $50 million a day.

Instead, a roughly 10% divestment is planned, with co-leads CLSA, Fox Pitt Kelton and UBS Warburg filling out the syndicate as co-leads. Formal roadshows are scheduled to run...

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