Indonesia’s biggest retailer of mobile phones and other wireless communication products, Erajaya Swasembada, has raised about Rp920 billion $100 million from its initial public offering after fixing the price at the bottom of the range.
The company also sold only 32% of its share capital, or 920 million shares, as the management felt it didn’t want to sell any more at that price and $100 million was enough to cover its capital needs. These include the repayment of an $84 million promissory note issued in connection with the acquisition of fellow mobile distributor Teletama Arta Mandiri TAM earlier this year. Erajaya initially offered up to 40% of the share capital,...
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