Indonesian operator PT Mobile-8 Telecom, a subsidiary of PT Bimantara Citra, has set an asking price of between IDR200 and IDR240 (USD0.02 and USD0.026) per share for its forthcoming initial public offering (IPO), and hopes to raise up to IDR936 billion (USD102.9 million) in equity funds in the process, writes The Jakarta Post. Around 57% of the monies raised will be used to fund the upgrade and expansion of the operator’s networks in Sumatra, Java, Lombok, Kalimantan and Sulawesi, to increase capacity to 6.9 million subscribers. The remainder will be used as working capital. Mobile-8 had earlier announced it was selling 3.9 billion shares – or 19.91% of its equity – through an IPO later this month. The flotation will take place on 22-24 November on the Jakarta and Surabaya stock exchanges, and will be underwritten by Bimantara-affiliated PT Bhakti Securities, PT CIMB-GK Securities, and PT Danareksa Securities.