CVC and partners raise $1.3 billion from Matahari sell-down

Private equity firm CVC Capital and the other controlling shareholders of Indonesia’s Matahari Department Store have raised Rp12.66 trillion $1.3 billion after pricing the fully-marketed follow-on share sale above the mid-point of the range.

The deal, which is the largest equity capital markets transaction in Indonesia since Bakrie Brothers raised $4.4 billion from a rights issue five years ago, attracted a lot of attention and sources said over the weekend that the two-thirds of the base offering that was open to institutional investors other than the cornerstone investors was four to five times covered.

However, the demand was price sensitive and on the final day of the...