Indonesia’s third largest cellular phone service company, PT Excelcomindo Pratama has listed its shares on the Jakarta Stock Exchange. Excelcomindo was up Rp75 at Rp2,075 against its initial public offering (IPO) price of Rp2,000. Excelcomindo offered 1.427 billion shares at Rp2,000 each. The company said it will use 50 per cent of the IPO proceeds to build base transceiver stations in Kalimantan and in Java, Bali, Lombok, Sumatra and Sulawesi, 28 per cent to repay short-term debt and the rest to pay for network expansion and new equipment.
