Updating the country's parliament on Wednesday, CEO Ririek Ardiansyah said the towerco is aiming for a launch date of 16-18 November, with a statement from the Financial Services Authority (OJK) expected to be published on 12 November.
Shares will begin trading on 22 November according to the current schedule.
The largest telecoms towerco in Indonesia is offering a maximum stake of 29.85% to the public as it looks to "create a telecommunications ecosystem for digitisation to remote corners of the country".
On the proceeds the company said it would reinvest 40% of the IPO funds, channelling 50% of that stake into inorganic capital expenditure and 10% into working capital and "other company needs".
Indonesia's Minister of State Owned Enterprises, Erick Thohir, said: “Mitratel’s IPO is expected to have a positive impact on sustainable for Mitratel, TelkomGroup, BUMN and also the state. Hopefully Mitratel can building market leadership in the tower provider industry which is the infrastructure national telecommunications by state owned enterprises and subsidiaries to strengthen digital resilience nationally.”
On the wider strategy, Mitratel said last month that it is looking to expand into the South East Asia market and Asia-Pacific.
As Capacity reported today, Southeast Asia's internet economy is expected to reach values of $1 trillion by 2030 according to an industry report commissioned by Google.
Commenting on this move last month, Mitratel MD Theodorus Ardi Hartoko said: “In line with the vision to be the best leader and provider in providing telecommunications infrastructure in Southeast Asia, Mitratel is also preparing a strategy for long-term expansion in Southeast Asia and Asia Pacific. We will continue providing infrastructure solution services with excellent quality and competitive prices, in order to provide high value for investors.”
In September, Mitratel took over 4,000 cell towers from Telkomsel, paying $436 million for the portfolio boost. Telkomsel itself is a 65/35 JV between Telkom Indonesia and Singaporean telecoms company Singtel.
