Indonesia's Mitratel eyes raising $1.68B in IPO – Capacity

PT Dayamitra Telekomunikasi, or Mitratel, is planning to raise $1.68 billion in its IPO, Capacity reported Nov. 10, citing CEO Ririek Ardiansyah's statement to the Indonesian parliament.

Earlier reports said Mitratel raised about $1.3 billion in the offering after increasing the number of sold shares, in response to strong investor demand. The tower operator will offer up to 29.85% of its share capital at the range of 775 rupiah to 975 rupiah.

Mitratel aims to allot 40% of the offering's proceeds for capital expenditures, 50% for inorganic capital expenditure, and 10% for working capital and other company needs.

Meanwhile, Mitratel recently said it is preparing for long-term expansion in the Southeast Asia and Asia-Pacific markets by providing telecom infrastructure, the report said.

Mitratel is a unit of PT Telekomunikasi Indonesia Tbk.

As of Nov. 10, US$1 was equivalent to 14,256.00 Indonesian rupiah.