BW Plantation raises $70 million in Indonesian IPO

BW Plantation looks set to become the first company of reasonable size to list in Indonesia in more than a year after raising Rp666.1 billion $70 million from an initial public offering -- more than this year's four other newcomers combined. The palm oil producer is also the first Indonesian company to market an IPO to international investors this year, offering an alternative to the multitude of sector peers that are already listed in Jakarta and Kuala Lumpur. BW Plantation is scheduled to start trading in Jakarta on October 27.

According to a source, the Reg-S deal was about four times covered overall and attracted more than 30 accounts. There were no definitive tranches before...