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e of $13-$16.
In the event, placement of both issues was heavily skewed towards the US, with US demand accounting for over 90% of the APRIL offer.
By contrast, European and Asian investors took up just 2% of the APRIL offering--perhaps indicating that a New York listing gave them no more comfort in the stock than a local listing might have done.
With final proceeds of $150m, APRIL received $80m less from the IPO than it had originally hoped, while APP's flotation raised $310m against an initial target of $390m.
To some extent, the disappointing final price of both IPOs was due to the fact that two such similar offerings were competing for investors' attention at the same time.
In addition, the adverse climate for IPOs has spread far beyond Asia, with several recent European and US stock offerings also being reduced in size and price--or pulled altogether--in the face of poor investor sentiment.
But the experiences of APP and APRIL could have wider repercussions for other Indonesian companies hoping to tap overseas investors for funds, especially if sentiment towards emerging market stocks does not improve.
The two flotations were the first test of foreign investors' enthusiasm for Indonesian corporates since two high-profile listings last year.
In July 1994 Tri Polyta, a polypropylene plastics maker, listed on the US's automated Nasdaq market. Then Indonesia's international telecoms company Indosat achieved a dual listing on the New York Stock Exchange and the Jakarta Stock Exchange (JSE).
Indosat's listing, which was lead managed by Merrill Lynch, was perhaps the most successful Asian equity deal of 1994.
As Indonesia's first overseas privatisation, it gave a kickstart to the government's much delayed but crucial privatisation programme.
The NYSE listing involved the 25% sell-down of the government's stake in the company and netted the state $830m. Much of the proceeds went to prepayment of the country's existing debt.
The global share offering also dramatically raised Indonesia's profile in the international capital markets raising both the possibility of other state companies following Indosat to the international equity markets, as well as the interest of overseas investors in the Indonesian growth story.
"In the closing days of Indosat," comments Julian Summer, managing director of equity capital markets at Merrill Lynch in Hong Kong, "a lot of people were saying to us--what else is there to buy in Indonesia? We were able to show them a whole lot of other good stories, like Indocement, for example, or Indofoods."
Buoyed by this initial success, the Indonesian government announced that other state-owned companies would float overseas.
Foremost among them is Telkom, the domestic telecommunications carrier, which many investment bankers and fund mangers think could be even more attractive than Indosat.
After a hotly contested battle to lead manage the Telkom flotation, the government announced in early April that a four-strong global co-ordinating group--Goldman Sachs, Lehman Brothers, Merrill Lynch and SG Warburg--would run the transaction.
The offering, which is likely to be the largest and most prestigious from Asia in 1995, could raise up to $3bn and should arrive on the market in the fourth quarter of the year.
Other prime state companies earmarked for international equity offerings at a later date are electricity utility PLN, toll road operator Jasa Marga, and national airlin