About
Our award winning Capital Markets practice group specializes in both equity and debt capital markets transactions, representing issuers, sponsors, financial institutions and investment banks across the full spectrum of capital markets products. Our integrated approach and exclusive association with global firm White & Case enables us to offer clients, based in Indonesia, or doing business in Indonesia, the benefit of our global experience, local knowledge and practical experience.
Our team has a market leading reputation for handling significant Indonesian IPOs with an international tranche, pre-IPOs on the Indonesian Stock Exchange (IDX), convertible debt and equity linked securities issuances, private placements, right offerings, secondary share sales, block trades, pre-IPO matters and compliance work, among others. In addition, the WCA team regularly advises on DCM and high yield issuances by Indonesian corporates.
The WCA team is deeply familiar with the applicable Indonesian capital markets regulations, including listing requirements and continuing obligations for locally listed companies. This experience, together with our exclusive association with White & Case, differentiates us with our truly cross-border offering to clients, implementing partner-led teams of international and Indonesian lawyers who work together seamlessly to deliver a consistent quality and innovative service on complex, multi-jurisdictional capital markets transactions.
Experience
High yield issuance of Medco Maple Tree Pte. Ltd.
The initial purchasers in Medco Maple Tree Pte. Ltd.'s issuance of US$500 million Senior Notes, due 2029, with a coupon of 8.960% (under Rule 144A and Regulation S of the United States Securities Act). The notes were unconditionally and irrevocably guaranteed by PT Medco Energi Internasional Tbk and listed in Singapore Stock Exchange. The proceeds of the notes will be used for refinance of repay existing indebtedness and potential acquisition of oil and gas asset. This deal was the first high yield deal in Asia Pacific and was named High Yield Deal of the Year at the IFLR Asia-Pacific Awards 2024.
IPO of Harita Nickel
PT Trimegah Bangun Persada Tbk. (Harita Nickel) on its IPO on the IDX, which included a Rule 144A/3(c)(7) and Regulation S offshore tranche. The transaction raised approximately IDR 10 trillion (US$672 million). This IPO represented the first EV-related IPO in Indonesia, in line with the Indonesian government's plans to capitalize on Indonesia's strategic position as the world's largest nickel producer to encourage the development of a domestic EV industry.
IPO of Cinema XXI
The joint global coordinators and international selling agents as well as the joint lead domestic underwriters on the IPO of PT Nusantara Sejahtera Raya Tbk ("Cinema XXI") on the Indonesian Stock Exchange (IDX), which raised approximately IDR 2.25 trillion (US$150 million) and represented one of the largest IPOs in 2023 from the consumer sector in Indonesia. Cinema XXI is the largest cinema chain operator in Indonesia and its shareholders include an affiliate of GIC Private Limited, Singapore's sovereign wealth fund.
Rights issue by PT Bank Rakyat Indonesia Tbk
The international and domestic joint global coordinators and the approximately IDR 95.92 trillion (US$6.7 billion) rights issue by PT Bank Rakyat Indonesia (Persero) Tbk, an Indonesian state-owned enterprise. This deal was named Equity Market Deal of the Year at the ALB Indonesia Law Awards 2022.
IPO of PT Avia Avian Tbk
PT Avia Avian Tbk (Avian) and certain selling shareholders in the IPO of Avian on the IDX, which included a Rule 144A/Regulation S offshore tranche. The transaction raised approximately IDR 10,951 billion (US$771 million). Avian is the market leader in the decorative paint and coating industry in Indonesia.
IPO of PT Bukalapak.com Tbk The joint global coordinators, international selling agents and joint lead managing underwriters in the IPO of PT Bukalapak.com Tbk on the IDX, which included a Rule 144A/Regulation S offshore tranche. The transaction raised approximately US$1.5 billion. This deal was named IPO Deal of the Year at the ALB Indonesia Law Awards 2022.
