Astra International, a majority shareholder of Astra Otoparts, has raised Rp2.8 trillion $287 million from a fully marketed secondary share placement in the Indonesian automotive parts company, after fixing the price near the top of the range, a source said yesterday.
The placement consisted of 100% secondary shares, which means all the proceeds will go to the parent company. After the transaction, Astra Otoparts’ free-float will increase to about 20% from 4.3%. Due to the limited free-float and thin trading volumes prior to the offering, the share sale was conducted in the same way as an IPO, with a full management roadshow and a price range the kind of...
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