Indonesia's third largest mobile operator Axiata XL has started taking orders for an institutional share sale that could raise up to Rp5.049 trillion $552 million for its Malaysian parent company.
The sale is comprised entirely of secondary shares, but even though it won't generate any new funds for XL, it is still viewed as a re-IPO of the company since it will boost the free-float to 20% from a meagre 0.2% today. The increase in liquidity means the high-growth company, which was previously known as Excelcomindo Pratama, will for the first time become a possible investment target for international funds.
Sources say there was huge interest from investors during last week's pre-marketing...
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