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Indonesia’s Mitratel Raises $1.3 Billion in Upsized IPO

  • State-owned telco provider’s unit increased number of shares
  • Country sees $3.4 billion in IPOs, surpassing 2010 record

The infrastructure services unit of state-owned PT Telkom Indonesia raised about $1.3 billion in a Jakarta initial public offering, according to people familiar with the matter, making 2021 the country’s biggest IPO year in more than a decade. 

PT Dayamitra Telekomunikasi priced its shares at 800 rupiah apiece, the people said, asking not to be identified because the information wasn’t public. The unit, also known as Mitratel, increased the number of shares sold in the offering, one of the people said. The shares are expected to list on Nov. 22, they said.