Panin brings some life to the market

Investors snap up a rare share placement from the Indonesian private sector.

Panin Insurance yesterday priced a 2.9 billion share placement in its subsidiary Panin Life, selling 24.2% of the company's existing issued share capital. The deal was priced at RP160 a share, a 5.9% discount to the closing price of Rp170 a share on Wednesday. The deal raised Rp464 billion $50.2 million.

The deal in many ways represents an IPO rather than a secondary trade. With little under 23% of the company in free float before the sale, the company was very illiquid. But now the shares listed on the public markets have now doubled to around 47% of the company. Indeed, given the scope of the offering, the sale...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222