Astra International, a majority shareholder of Astra Otoparts, started the bookbuilding and management roadshow yesterday for a fully marketed secondary share placement in the Indonesian automotive parts company, aiming to raise between $251 million and $298 million, sources say. The books are expected to close on Tuesday, May 28.
The placement comprises 100% secondary shares, and the proceeds are going to the parent company. It will increase Astra Otoparts’ free-float to about 20% from 4%, they say. Due to the limited free-float and thin trading volumes prior to the offering, the share sale is conducted in the same way as an IPO, with a full management roadshow and a...
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