Capital Markets
Asia-Pacific Guide 2025 : Indonesia
Band 1
About
Provided by Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills
Equity capital markets: We represent foreign arrangers and underwriters in Indonesia on both onshore and offshore components of capital markets offerings, and public M&A. We also represent major Indonesian companies as issuers. We act on IPOs, rights issues, private placements, block trades, re-IPOs and public M&A transactions.
Debt capital markets: Our debt capital markets practice covers the full range of debt capital markets transactions, including medium term bonds, government bonds, convertible bonds, exchangeable bonds, guaranteed bonds, high yield bonds, guaranteed bonds, subordinated bonds, and sustainable or “green” bonds.
Recent work highlights:
- Amman Mineral Internasional in one of the Asia's largest and most successful IPOs in 2023
- CLSA, HSBC, Mandiri Sekuritas and Credit Suisse as underwriters in US$600 million IPO of Pertamina Geothermal Energy
- Indo Premier Sekuritas, Trimegah Sekuritas Indonesia, UBS and Macquarie Capital as underwriters in US$600 million IPO of Merdeka Battery Materials
- Credit Suisse, Morgan Stanley, BCA Sekuritas and BRI Sekuritas as underwriters in the US$500 million IPO of Global Digital Niaga (Blibli)
- Credit Suisse, Deutsche Bank and CLSA as underwriters in US$1.1 billion IPO of Goto Gojek Tokopedia
- Kookmin Bank on an IDR12 trillion (US$800 million) rights issue of Bank KB Bukopin
- BofA Securities, Deutsche Bank, HSBC, JP Morgan and Credit Suisse as arrangers and underwriters of a switch tender offer by the Republic of Indonesia
Chambers Review
Hiswara Bunjamin & Tandjung has a respected capital markets law practice in Indonesia, receiving frequent instructions from global investment banks on bond offerings, as well as handling IPOs for international and Indonesian clients. The team is well versed in Regulation S and Rule 144A issuances and offers significant cross-border capability through its Herbert Smith Freehills association. The group is able to draw on expertise in sectors such as energy, financial services, consumer goods and TMT.
Work Highlights
- Hiswara Bunjamin & Tandjung acted as Indonesian counsel to the underwriters in the IPO of Pertamina Geothermal Energy, a subsidiary of state oil and gas company Persero.
Strengths
Provided by Chambers
"The firm understands the intricacies of regulations, has competent partners and enough personnel to assist with any IPO matter in Indonesia."
"We are very grateful that the partners and team at Hiswara Bunjamin & Tandjung are very easily contactable and they are always very helpful in answering any queries that we have."
"The firm understands the intricacies of regulations, has competent partners and enough personnel to assist with any IPO matter in Indonesia."
"We are very grateful that the partners and team at Hiswara Bunjamin & Tandjung are very easily contactable and they are always very helpful in answering any queries that we have."
Notable Practitioners
Tjahjadi Bunjamin is well known in the Indonesian legal market for his knowledge of capital markets and banking transactions. He has experience in both IPO and bond issuances.
"Tjahjadi Bunjamin is great. He is experienced and has been in the market for some time. He maintains very good contact with key regulators."
Viska Kharisma focuses on advising issuers and underwriters on equity capital markets issuances in the Indonesian market. Her expertise covers IPOs and public M&A, and she also has expertise in debt deals.
"Viska Kharisma has been very helpful for us; her solutions on legal matters were key for the completion of our transactions."
Dandy Firmansyah is a partner in Jakarta who specialises in capital markets transactions, including IPOs and rights issues.
"Dandy Firmansyah is exceptionally helpful and always happy to answer our queries. We got many insights from him about recent cases in the market in relation to the type of transaction that we handled."
"Dandy is very knowledgeable on regulations and is always on hand to assist us capably."
Ranked Lawyers at
Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills
Indonesia
Members
Provided by Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills
Defina Rosa Tantri
Ivina Louviani Suwana
Head of Department
Head of Department
Clients
Provided by Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills
Amman Mineral Internasional Tbk
BNI
BNP Paribas
BRI Danareksa
Barclays
CIMB
CLSA
Citigroup
Goldman Sachs
Jefferies
Kookmin Bank
Mandiri Sekuritas
OCBC
Republic of Indonesia
UBS
Industries
Provided by Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills
Agriculture and Agribusiness
Energy and Utilities
Financial Services
Industrials, Engineering and Manufacturing
Property, Construction and Infrastructure
Resources and Mining
Retail and Consumer
TMT