Capital Markets & Securities

The regulatory landscape of capital markets is constantly evolving, presenting major challenges for market players. At ADCO Law, our team of knowledgeable securities lawyers covers the full range of equity and debt capital markets matters, from domestic and international equity offerings to investment grade and high-yield debt transactions, as well as securitization and derivatives.

We act for the large corporations as well as emerging companies, and our experience acting for both issuers and underwriters on a wide variety of offerings gives us an in-depth understanding of the key concerns for both parties.

We’ll help during the life-changing process of going public.

Raising capital through debt? Corporate, convertible, secured, MTN, sovereign, green?

Whatever your needs, we support your transaction.

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Practice Description

Equity Capital Markets

We assist issuers, sponsors, founders and underwriters who we advise on the full spectrum of ECM transactions, including initial public offerings, private placements, tender offers, rights offerings, acquisition, debt/equity swaps and spin-offs.

We regard ECM transactions as a key platform from which to develop long-term relationships with our clients, who can benefit from the full range of compliance, regulation and transactional support we provide to publicly listed companies in Indonesia.

Debt Capital Markets

We provide clients with expertise across an extensive range of matters, from ‘clean-cut’ debt deals to complex cross-border transactions including Rule 144A/Regulation S offerings.

Regulatory Compliance

Our clients come to us to understand their responsibilities, manage risk and lessen the impact of complex regulatory regimes on their transactions or day-to-day operations. We commit to helping them meet regulatory requirements and ongoing public company obligations post-IPO to keep their businesses running smoothly.

Our Professionals

Aditya Kesha W

Hanny Marpaung

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.