Rajawali group calls off Archi IPO

Flotation of gold mining assets cancelled in the face of weak sentiment for commodity plays.

Indonesia's Rajawali group pulled the initial public offering for its gold mining assets on Wednesday after failing to generate sufficient demand despite extending the institutional book-building period by an additional nine days.

A Rp3.5 trillion to Rp4.6 trillion $295 million to $379 million flotation of Archi Indonesia was initially scheduled to price on November 25 but was extended until December 6. The company then decided to pull it one day ahead of the new pricing date to wait for a better market window.

It might be waiting for some time given the uncertain outlook for gold prices.

The original sales pitch had been directed...

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