Capital Markets & Securities

Indonesia’s capital markets are on the verge of an exciting surge, fueled by the nation’s ambitious infrastructure development plans and the growing interest of both domestic and international investors. The Indonesian Stock Exchange (IDX) has set ambitious targets for initial public offerings (IPOs), presenting a golden opportunity for private companies to gain access to capital market funding and expand their horizons.

The regulatory landscape of capital markets is constantly evolving, presenting major challenges for market players. At ADCO Law, we provide our clients with extensive legal assistance in all aspects of capital market transactions, from security offerings such as IPOs to mergers and acquisitions—ensuring the utmost compliance throughout the entire transaction lifecycle. Our team of knowledgeable and experienced attorneys guarantees seamless integration and unwavering adherence to regulatory standards.

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Practice Description

Equity Capital Markets

We assist our clients in conducting share-related offerings such as IPO, rights issues as well as convertible and exchangeable bonds. We have the legal, regulatory and commercial knowledge that will help our clients navigate dynamic markets and complex regulations to achieve their goals.

Debt Capital Markets

We are highly experienced in advising issuers and underwriters across the whole range of debt capital markets products.

Our Professionals

Aditya Kesha W

Hanny Marpaung

Bella Imelda Handoyo

Our Experience

Represented PT Nusantara Sejahtera Raya Tbk (Cinema XXI) in its IDR 2.2 trillion (approximately USD 155 million) initial public offering, which was also combined with the exercise of call options of IDR 5 trillion (approximately USD 330 million). The offering constituted a public offering in Indonesia, outside Indonesia and the United States of America pursuant to Regulation S under the U.S Securities Act of 1933, as amended, and in the United States of America only to "qualified institutional buyers" (as defined in Rule 144A under the US Securities Act) in reliance on an exemption under the US Securities Act.
Represented PT Bank Syariah Indonesia Tbk, one of the largest Sharia banks in Indonesia, in its IDR 4.999 trillion (approximately USD 331.5 million) Rights Issue. The rights were also offered to offshore investors through a private placement exercise.
Represented PT Indosat Tbk in its IDR1.75 trillion (approximately USD 120 million) and IDR 750 billion (approximately USD 51 million) Shelf-Registration Bonds IV Phase I of 2022 and Shelf-Registration Sukuk IV Phase I of 2022 Issuance.
Represented PT Bank Negara Indonesia (Persero) Tbk in its IDR 5 trillion (approximately USD 330 million) green bonds issuance, the first green bonds denominated in rupiah issued by a national bank.
Represented PT Bank Amar Indonesia Tbk in its IDR 1 trillion Rights Issue.
Represented PT Medco Energy Internasional Tbk in its USD 150 million bond issuance, listed on the Indonesia Stock Exchange.
Represented PT Darmex Agro, one of the largest palm oil cultivation, production and export companies in Indonesia in its USD 150 million sale of shares and assets in its subsidiaries.
Represented Asia Pacific Breweries Limited, beer producer and distributor in its proposed global acquisition of majority stakes in, among others, a large Indonesian beverage producer listed on the Indonesia Stock Exchange, including representing them in the Tender Offer of the remaining stakes of the target company by public shareholders.
Represented The Hongkong and Shanghai Banking Corporation Limited in its USD 614.3 million acquisition, through its wholly-owned subsidiary HSBC Asia Pacific Holdings (UK) Limited, of a total of 88.89% of Indonesian bank PT Bank Ekonomi Raharja Tbk, including representing them in the Tender Offer of the remaining stakes of the target company by public shareholders.
Represented PT Bank Permata Tbk in the acquisition of PT GE Finance Indonesia and the integration of the business into PT Bank Permata Tbk.