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ations 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 airline Garuda.
Before any of these transactions reach the market, state-owned cement holding company Semen Gresik will launch a Rp1.6tr ($722m) rights issue that is an important part of the government's plans to make it the holding company of the state's cement interests.
Two of its cement plants, Semen Tonasa and Semen Padang, will be sold to Semen Gresik via a backdoor listing and the government's 73% stake will also be sold down. The rights offering is expected to have an international tranche of $200m-$300m.
It was not Indosat or privatisation that awakened the Indonesian appetite for offshore listing, but rather the July 1994 Tri Polyta IPO, which made it the first Indonesian company to list on an overseas exchange.
The deal, which was led by Merrill Lynch, raised $157m in an IPO of shares offered on Nasdaq. Securing a US SEC registration and the Nasdaq listing enabled Tri Polyta to attract investors that would not have been eligible to invest in a Rule 144A issue for a Jakarta-listed company.
Despite paving the way for the later--and much larger--Indosat listing, the precedent set by the Tri Polyta flotation was not applaud