Indonesia’s only high-performance paper producer, PT Fajar Surya, has started to pre-market the country’s first $100 million plus equity deal since May.
The deal should provide a litmus test of foreign funds’ appetite for Indonesian primary market offerings following the headwinds which have pummeled the market since early March.
The Jakarta Stock Exchange is down 8.11% year-to-date, putting it in the middle of the Asian pack. The rupiah’s sharp fall against the US dollar, however, makes the situation far worse for most international investors.
As of Monday’s close, the rupiah was...
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