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Telkom Tower Subsidiary Set for Indonesia IPO Record: Nikkei

Subsidiary offers new stock representing 29.85% of the company at a price range between 775 rupiah and 975 rupiah per share.


A technician works on a Mitratel-owned telecoms tower in Indonesia. Photo: Mitratel

The tower subsidiary of Telekomunikasi Indonesia (Telkom), Indonesia’s largest telecommunications company, is aiming to raise up to $1.76 billion through what would be the country’s largest initial public offering, Nikkei Asia reported on Wednesday.

Dayamitra Telekomunikasi, better known as Mitratel, launched the IPO on Tuesday, offering new shares representing 29.85% of the company at a price range between 775 rupiah and 975 rupiah per share.

If priced at the top of the range, Mitratel would rake in 24.9 trillion rupiah, beating the current Indonesia Stock Exchange IPO record set by e-commerce unicorn Bukalapak in August.

Read the full story: Nikkei Asia

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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