Indonesia's Bank Danamon said yesterday that its Rp3.98 trillion $362 million rights issue drew total demand corresponding to more than 110% of the offer size. Excluding applications for excess shares, the deal was 99.9% subscribed, making it the most successful rights offering in Asia so far this year in terms of the take-up rate.
The deal was smaller than some of the other recent Asian rights offerings from the likes of DBS Group, Singapore developer CapitaLand, and the still-outstanding offers from Malaysian mobile operator TM International and Maybank, which all raised more than $1 billion. However, it was the largest rights issue by a financial issuer ever done in Indonesia, which, according to Tracy...
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