Mandiri Sekuritas takes the Euromoney award for best securities house in Indonesia this year for being able to read market conditions well and adapting its strategy rapidly to stay relevant.
That meant the investment bank shifted focus to mergers and acquisitions to capture revenues amid a significant slowdown in deal flow in ECM. Mandiri, which has about 60 people on the IB team, also added more staff on M&A, including management trainees, helping create a hefty pipeline of 25 to 30 mandated M&A deals to execute in the coming year. It also hired a senior M&A banker in Singapore to boost its focus on inbound and outbound M&A deals.
Mandiri’s 2023 advisory and M&A transactions included working on Indonesia Battery Corporation’s acquisition of a majority stake in Gesits’ electric motorcycle maker Wika Industri Manufaktur, and a jumbo Rp58 trillion ($3.7 billion) M&A of Telkom Indonesia and Indihome.
Despite a slump in ECM, Mandiri still worked on some of the major IPOs during the awards period, including the Rp10.7