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Mitratel raises $1.3 billion through IDX debut
PT Dayamitra Telekomunikasi (Mitratel) has raised US$1.3 billion, slightly less than hoped, in its initial public offering.
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PT Dayamitra Telekomunikasi (Mitratel) CEO Theodorus Ardi Hartoko speaks at an online press conference on Nov. 11, 2021, the day Mitratel debuted on the Indonesia Stock Exchange (IDX). (JP//Eisya A. Eloksari)
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tate-owned telecommunications tower operator PT Dayamitra Telekomunikasi (Mitratel) debuted on Indonesia’s stock exchange on Monday, raising Rp 18.7 trillion (US$1.3 billion).
Mitratel, which is listed on the Indonesia Stock Exchange (IDX) under the ticker symbol MTEL, released 23.4 billion shares to the public at Rp 800 apiece, bringing its market capitalization to Rp 66.8 trillion.
The company says it plans to use 50 percent of the proceeds to acquire new towers and businesses, 40 percent to build and upgrade towers and the remaining 10 percent as working capital.
“We are preparing to acquire more towers, so hopefully we can start the process in 2022,” Mitratel investment director Hendra Purnama said in an online press conference on Monday, adding that the company would also build new towers next year and in 2023.
The company claims to have more than 28,000 towers. Hendra previously said the company aimed to add 6,000 towers, which could either be acquired from sister companies or from nonaffiliated companies.
Mitratel had hoped to raise up to Rp 24.9 trillion ($1.76 billion), which would have made it the biggest-ever IPO in Indonesia. However, that title now is still held by e-commerce company Bukalapak, which raised $1.5 billion in August.
Read also: Telkom’s Mitratel eyes $1.8 billion in biggest Indonesian IPO
