Clifford Chance has advised PT Steel Pipe Industry of Indonesia (Spindo) on its initial public offering in Indonesia, which the company hopes will raise up to $114 million.

Ashurst and Hadiputranto, Hadinoto & Partners acted as international and Indonesian counsel, respectively, to the underwriters—Nomura Securities and AAA Securities. SSU & Partners advised Spindo on Indonesian law.

Hong Kong-based partner Stuart Rubin and counsel Ethan Perry led Ashurst’s team, assisted by partner Jonathan Parry in London.

“Nomura’s ability to get this deal across the finish line despite the challenging market conditions for IPOs that persist throughout most of Asia represents a very successful outcome for the company,” said Rubin in a statement.

Spindo’s sister company, PT Saranacentral Bajatama Tbk , raised 100 billion rupiah ($10.4 million) in an IPO in December 2011, Reuters reported.

Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.

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