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Deal Analysis: Garuda IPO
15 February 2011
A nightmare for investors and underwriters as its share price dropped 17% on day one, but Garuda still raised $510 million with an initial public offering (IPO).
Read more:
Garuda
Citi
UBS
Bahana Securities
Danareksa Sekuritas
Mandiri Sekuritas
Ian Hosier
Garuda IPO
Indonesian flag carrier, Garuda, listed on the Indonesian stock market last Friday after months of build-up.
The IPO raised $510 million, of which $360 million went to Garuda, and $150 million to 10% shareholder Bank Mandiri, which sold its entire stake.
Garuda’s shares offered at 750 Rupiah ($0.08), but dropped 17% to 620 Rupiah at the close of the first day’s trading.
The bulk of the transaction was sold domestically; Citi and UBS were international selling agents for the 4% of shares offered globally.
Indonesian firms PT Bahana Securities, PT Danareksa Sekuritas and PT Mandiri Sekuritas were joint lead managing underwriters...
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