Salim Ivomas Pratama will raise around $631 million in an initial public offering (IPO), Reuters reports. The Indonesian agribusiness unit of Indofood Agri will sell 3.163 billion of new shares at $0.124 to $0.199 per share.

The company will use the proceeds from the offering to pay off debt and to expand in palm oil and sugar. Kim Eng Securities, Deutsche Bank and Mandiri Sekuritas are the leading underwriters on the sale.

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