Mandiri toasts full glass

Government underlines privatization intent with the successful delivery of an IPO for Bank Mandiri.

Joint lead managers ABN Amro Rothschild, Credit Suisse First Boston and Danareksa Sekuritas closed the institutional books on a four billion share offering for PT Bank Mandiri last night Monday, pricing the deal just off the top of its indicative range.

From the government's point of view the country's largest IPO since 1996 is likely to be viewed as a great success. It has not only met its stated objective of securing pricing the deal above book value, but been able to increase it back towards the divestment size it had originally envisaged. Most importantly of all, by leaving a little money on the table for investors, the government has done its...

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