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.