Saratoga raises $151 million after lowering IPO price range

The Indonesian investment company attracts a small group of long-term investors amid a challenging market, while a number of other listing hopefuls are lining up.

Indonesian investment company Saratoga Investama Sedaya has completed its initial public offering, but only after re-launching the deal with a lower price range. It finally fixed the price at Rp5,500 the bottom of the new range and 9.8% below the original offering price.

This led to a deal size of Rp1.492 trillion $151 million, which was well below its initial target of $171 million to $219 million.

When the Asian order books closed at 6pm on Thursday last week, there was still a slight shortage of demand, but according to a source the deal did get just covered at the bottom of the range before the...

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