CVC bags $399m with bigger Matahari block

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By Rashmi Kumar
07 Aug 2014

Asia Color Company, controlled by CVC Capital Partners, raised Rph4.7tr ($399m) on Tuesday by selling a chunk of its shares in Matahari Department Store. A strong response from investors allowed the private equity firm to offload a bigger stake than first planned.

The company had originally looked to sell 250m shares, with sole bookrunner JP Morgan pitching them at Rph13,900-Rph14,325.

Even though books were covered within two hours of launch, the deal was kept open for two more hours until 11pm to give US investors more time to submit bids.

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