Philip Morris Said to Raise $1.4 Billion in Indonesian Offering
- Sampoerna to price shares at 77,000 rupiah, top end of range
- Share sale is Indonesia's biggest secondary offer in 2 years
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Philip Morris International Inc., the world’s largest listed tobacco company, is set to raise $1.4 billion after its Indonesian subsidiary priced shares at the top end of a marketed range, people with knowledge of the matter said.
The New York-based company’s unit PT Hanjaya Mandala Sampoerna priced shares at 77,000 rupiah each, the people said, asking not to be named as the information is not public yet. The company had earlier marketed the rights offer at 65,000 rupiah to 77,000 rupiah per share, after earlier gauging demand at a range of 63,000 rupiah to 99,000 rupiah.