Link Net reduces share sale size

Link Net’s largest shareholders raised roughly Rp5.5 trillion $455 million after cutting the number of shares on offer amid market turbulence and weak demand.

Private equity firm CVC and Indonesian internet company First Media sold 30% of their combined stake in the broadband and cable TV arm of Indonesia’s Lippo Group on Friday at Rp6,000 per share, below the initially marketed range of Rp6,200 and Rp6,700 per share, according to a term sheet seen by FinanceAsia.

All of the company’s shareholders had initially sought to sell 40% in the company CVC and First Media planned on offloading a combined 33% stake while the remaining...