To raise US$200m through initial listing
Telecommunication infrastructure firm Tower Bersama Infrastructure aims to raise US$200m through its initial listing. The fund obtained will be utilized for acquisition and addition of more telecommunication towers. 755m shares representing 15.86% of enlarged capital will be issued through IPO with expected share price ranging from Rp1,675-Rp,2100. Tower will also issue 340m shares representing 7.14% stake through private placement targeting hedge funds and wealth management firms. The company has also prepared 113m greenshoe shares representing 2.3% stake to be exercised in anticipation of over-allotment. UBS Securities Indonesia and Indo Premier Securities are acting as underwriters for this initial listing. The offering period is scheduled between 18 – 20 October before the share officially listed on 26 October.
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