Tempo Scan share sale increased to $229 million

The controlling shareholder of Indonesia’s Tempo Scan Pacific has raised Rp2.12 trillion $229 million from the sale of existing shares through a fully marketed transaction that was enlarged beyond the previously announced deal size, pushing the free-float above 20%.

Bogamulia Nagadi ended up selling a total of 800 million shares in the pharmaceutical, consumer products and cosmetics company, which is 18.5% more than the initial base deal and upsize option combined. The deal was also priced at the top of the indicated range at Rp2,650, providing further evidence that investors like the Indonesian consumer demand story.

The seller initially offered about 500 million shares through the base...