Saratoga-backed Tower Bersama may raise $179 million in IPO
Saratoga Capital-backed Tower Bersama Infrastructure, an Indonesian provider of telecommunication towers, could raise up to IDR1.6 trillion ($179 million) in its IPO next month.
The figure stems from Tower Bersama's share price range announced earlier this week at IDR1,675-2,100 ($0.19-0.24), according to its underwriters UBS and Indo Premier Securities. The company specifically looks to issue 755 million new shares, and the raised capital is slated to be used for new towers and facilitate further expenditures.
Launched in 2003, Tower Bersama is one of the most prominent players in its field. According to reports, Indonesia-based Saratoga has exited just one other investment via an IPO: the 2008 listing of coal miner Adaro Energy, which raised $1.3 billion and was touted as the biggest public listing in the Indonesian market.
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