Herbert Smith advises Deutsche Bank and JP Morgan on the US$250.6 million IPO of PT Agung Podomoro Land

Herbert Smith and its associated Indonesian firm, Hiswara Bunjamin & Tandjung (HBT), have advised Deutsche Bank and JP Morgan as joint global coordinators on the 2.24 trillion rupiah (US$250.6 million) initial public offering of PT Agung Podomoro Land Tbk, one of Indonesia’s largest property developers, on the Indonesia Stock Exchange. PT Agung Podomoro Land has extensive interests in commercial, residential and office properties in Jakarta and elsewhere in Indonesia.

The global offering consisted of an aggregate of 6.15 billion offer shares, priced at 365 rupiah per share. The Company intends to use the IPO proceeds to develop new projects and repay existing bank debt.

Herbert Smith acted as both US and English counsel to the international underwriters, and the team was led by Hong Kong partner Kevin Roy and senior US associate Siddhartha Sivaramakrishnan. HBT was the Indonesian counsel to the underwriters and Indo Premier Securities and Mandiri Sekuritas were the local bookrunners. The HBT team was led by partner David Dawborn with senior associates Kristo Molina and Viska Kharisma.

Kevin Roy commented:

“We are delighted to have assisted Deutsche Bank and JP Morgan in bringing this transaction to a successful close. As we continue to expand our global capital markets practice in Southeast Asia, this deal highlights our integrated Indonesia capability through our strong relationship with HBT.”

Siddhartha Sivaramakrishnan added:

“We are very pleased to have advised Deutsche Bank and JP Morgan on this IPO at a time when Indonesia is rapidly emerging as a key investor market. The deal showcases our complementary practice strengths in Indonesia.”

David Dawborn commented:

“This significant deal once again emphasises the high quality reputation of Herbert Smith and HBT, through our successful 10 year association, as the leading corporate legal practice for Indonesian transactions for international clients.”


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