We should wait India release their GDP growth in Q4 2022 to see whether that will be the case, if the number is merely around 4 % so it will give more pressure to Indian Stock Market appeal among Global investors.
Just wait until the end of February to see it, if the number is between 5-6 % then the level of confident on Indian economy will be pretty maintained. Their economy that is actually becoming the base of Global investor to invest in India stock market or FDI as fundamentally speaking base on individual stock, India stock market is already quite expensive if the comparison is with other Emerging economy market like Indonesia.
By the way, this Adani case comes in the time where one of our company wants to get IPO (Initial Public Offering), dont know how but I think God helps one of Pertamina subsidiary companies as their IPO is 2 weeks from now.
Indonesia's Pertamina Geothermal tightens price in IPO worth up to $611 mln
Credit: REUTERS/Darren Whiteside
By Scott Murdoch and Yantoultra Ngui
SYDNEY/SINGAPORE, Feb 3 (Reuters) - Indonesia's Pertamina Geothermal Energy, a unit of state energy company Pertamina PERTM.UL, has narrowed the price range for its initial public offering, according to a term sheet seen by Reuters on Friday.
The top end of the range of between 875 rupiah and 880 rupiah a piece values the IPO at up to 9.11 trillion rupiah ($611 million), the largest in Indonesia in almost a year after the $1.1 billion listing of tech firm GoTo GOTO.JK in April.
The range is tighter than the 820 rupiah to 945 rupiah range set out in a prospectus on Wednesday.
The IPO comes as Pertamina aims to double its geothermal capacity by 2027-2028, which may cost an estimated $4 billion. Indonesia, Southeast Asia's largest economy, is keen to tap into its geothermal resources to cut energy imports and reduce carbon emissions.
Pertamina Geothermal is selling 10.35 billion shares, or 25% of the enlarged share capital. Most of the IPO proceeds will be invested into expanding capacity of its working geothermal areas, its prospectus said.
Books will be closed on Feb. 10. The public offering is scheduled for Feb. 20–22 and the shares will debut on the Jakarta stock exchange on Feb. 24.
Credit Suisse is the sole global coordinator, according to the term sheet. It is also an underwriter, along with CSLA Sekuritas Indonesia and Mandiri Sekuritas.
(Reporting by Scott Murdoch in Sydney and Yantoultra Ngui in Singapore, Editing by Louise Heavens)