Herbert Smith has landed the underwriter role on the first major international IPO to originate out of Indonesia in three years.
Herbert Smith’s Singapore office, together with associated Indonesian firm Hiswara Bunjamin & Tandjung (HBT), advised Credit Agricole’s Asian investment banking arm CLSA as coordinator, bookrunner and underwriter on the IPO of Indonesian construction company PT Total Bangun Persada.
CLSA is a longstanding client of Herbert Smith’s Asia practice. Indonesian independent Tumbuan Pane advised the issuer Total.
Herbert Smith Singapore managing partner Veronica O’Shea led the international side of the IPO.
“It looked earlier this year as if the equity market was going to pick up in Indonesia, and it has,” said O’Shea. “This isn’t a significant high-value deal, but the significance is the market is coming back. There are other mandates out there now and the appetite for international equity is back in Indonesia.”
HBT partner David Dawborn, who has been on secondment from Herbert Smith with the Indonesian affiliate for the past 12 years, led the local law advice.
Total issued 300-million shares at Rupiah345 (2p) each, giving the IPO a value of Rupiah103.5bn (£6.1m).