At Rp3.71 trillion $416 million, this is the second largest IPO from Indonesia since the Asian financial crisis after Bank Rakyat IndonesiaÆs $484 million offering in 2003, according to Dealogic data. But while scarcity clearly did play a role in drawing attention to the deal, sources close to the offering say the demand wouldnÆt have been nearly as strong if investors hadnÆt recognised the companyÆs growth potential.
ôThe valuation was a bit of a stretch and the deal certainly wasnÆt cheap, but operationally it is a very good...
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