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Indonesia's largest retailer to list unit amid volatile market

Mitra Adiperkasa's sportswear store subsidiary seeking to raise more than $91m

Indonesian retailer Mitra Adiperkasa seems to be confident that its strong earnings, despite tepid private consumption in Indonesia, will be attractive enough for investors.   © Reuters

JAKARTA -- Mitra Adiperkasa, Indonesia's largest retailer of foreign brands, has announced an initial public offering for its subsidiary, MAP Aktif Adiperkasa, seeking to raise up to 1.3 trillion rupiah ($91.9 million).

MAP Aktif Adiperkasa, or MAA, which operates sportswear concept stores with brands such as Adidas, Reebok and Sketchers in its portfolio, is offering up to 550 million shares at a price range of 2,000 rupiah to 2,400 rupiah a share. Mitra Adiperkasa said this week that it was looking to list "around late June."

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