Indonesia’s biggest retailer of mobile phones and other wireless communication products, Erajaya Swasembada, has kicked off the institutional bookbuilding for an initial public offering that is aiming to raise up to $200 million, or about Rp1.8 trillion.
The company will sell as much as 40% of its share capital as it seeks funding to repay an $84 million promissory note issued in connection with the acquisition of fellow mobile distributor Teletama Arta Mandiri TAM in August and to expand its retail and distribution network.
However, the deal size is capped at $200 million, which means that if the price is fixed at the top of the indicated...
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