Mobile-8 Telecom launches IPO
December 15, 2006
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Indonesian wireless operator Mobile-8 Telecom listed 19.9 per cent of its equity or 3.9 billion shares at approximately $0.02 per share on the Jakarta Stock Exchange. The offering, about seven times oversubscribed, has raised $95.47 million for the company.
Mobile-8 plans to use 57 per cent of the proceeds to expand its CDMA-based mobile network on the islands of Java, Lombok, Sumatra, Kalimantan and Sulawesi, while the rest would be for working capital.
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