KUALA LUMPUR/HONG KONG, March 22 CVC Capital
Partners and PT Multipolar Tbk raised about $1.3 billion by
selling shares in Indonesian retailer PT Matahari Department
Store near the middle of a marketing range, sources told Reuters
The sale allows CVC, the London-based private equity firm,
to realise a profit from one of its early investments in
CVC, through one of its subsidiaries, and Multipolar
sold 1.167 billion shares in Matahari at
10,850 rupiah each, putting the total deal at 12.66 trillion
rupiahs ($1.3 billion), sources with direct knowledge of the
deal said on Friday.
The deal had initially been marketed in a range of 10,000 to
11,250 rupiah per share, before being narrowed to 10,650 to
Investors are attracted to Indonesia's fast-growing economy
and expanding middle class, with the country expected to add 90
million people to its consuming class by 2030, according to
McKinsey & Co.
CIMB Bank, Morgan Stanley and UBS
were hired as joint global coordinators for the deal. The
underwriters stand to earn about $18.2 million, or 1.4 percent
of the offering excluding the overallotment option on the sale,
according to the offering document.