Tower Bersama block attracts strong demand, boosts free float

Three existing shareholders, including Indonesian private equity fund Saratoga Capital, last night raised a combined Rp913.5 billion $100 million from the sale of shares in Indonesia’s Tower Bersama Infrastructure, an owner and operator of telecom towers across Indonesia. The block saw strong demand both from international and domestic investors, and was priced at the top of the range for a tight 2.5% discount.

The deal looked well-timed as the share price has rallied 63% from its low point in late September and is currently trading close to the record high of Rp3,000 that it reached just days after the company’s listing in Jakarta in October 2010. However, a source said...