department stores

International investors are keen to get a piece of Indonesia’s leading department store operator, allowing the price to be fixed above the mid-point.

The deal is supported by 15 cornerstone investors, who will buy up to 36% of the base offering, and was fully covered on the first day, sources say.

The secondary share sale, which will essentially be a re-IPO of the Indonesian company, is expected to raise at least $1 billion.

The $358 million deal is Shar'iah compliant and exchangeable into Hong Kong-listed Parkson Retail.

The Philippine investment holding company attracts good demand from outright investors, but doesn't immediately exercise the $50 million upsize option.

The department store operator attracts high-quality, but price-sensitive, demand, while Zhong Da Mining decides to halt its pre-marketing efforts after just three days.

Parkson Asia, an operator of department stores in Southeast Asia, is seeking to raise up to $124 million ahead of a listing in early November.

Pre-marketing gets under way for SMC Global Power in the Philippines and Parkson Retail Asia in Singapore, while Noble Group plans for a separate listing of its agricultural business.

The deal consisted of $500 million of dollar-denominated bonds and about $400 million of yen-denominated bonds, making it the largest CB in Asia ex-Japan this year.