Indonesian property developer PT Puradelta Lestari Tbk Deltamas restructured and priced its initial public offering at the bottom end of its marketed range on Friday in an acknowledgement of weak underlying markets.
The company got caught by the recent down draught buffeting the Indonesian equity market, but went ahead with the offering because it had previously cancelled a flotation in 2013 for exactly the same reasons. The deal might have been a success, had it come four to six months earlier when the market still had momentum.
In the end, Deltamas decided to re-size the deal from 20% to 10% of enlarged share capital...
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