Independent power producer Cikarang Listrindo will become the first utilities company to list on the Indonesian Stock Exchange in eight years after setting a Rp3.6 trillion $272 million pricing for its initial public offering on Friday.
The most recent new issue in the power and utilities sector was Indika Energy’s $298 million IPO, completed in June 2008.
Bankers familiar with the situation told FinanceAsia the order book for Cikarang Listrindo was well oversubscribed by predominantly foreign, long-only investors, including Matthews International Capital Management and another foreign anchor investor.
Despite some evidence of price sensitivity during bookbuild, the company was able to...
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