LinkNet shareholders raise USD455m from share sale, but demand weak in a ‘turbulent’ market

27 Oct 2014

FinanceAsia reports that private equity firm CVC and Indonesian internet company First Media raised IDR5.5 trillion (USD455 million) from the sale of share in their internet service provider (ISP) LinkNet, but admitted they were forced to reduce the number of shares sold due to ‘market turbulence and weak demand’. Having initially set out their stall to sell up to 40% of their combined shares in the ISP, the pair ended up offloading a combined 30% stake priced at IDR6,000 per share – below the initial range of IDR6,200-IDR6,700. CVC sold 473.1 million shares, or a 15.6% stake, while First Media sold 226.7 million shares, or 7.4%. Post-sale, both own 33% of LinkNet each, according to the term sheet seen by FinanceAsia.

Indonesia, LinkNet (First Media)