Indonesia's Surge raises $139.2M in bond and sukuk issuance for wireless buildout
What's the deal? PT Solusi Sinergi Digital Tbk (SSD), which trades as Surge, has raised IDR 2.5 trillion (about $139.2 million) through the first stage of a shelf public offering. The issuance combined a conventional bond and a Sharia-compliant Ijarah sukuk, listed on the Indonesia Stock Exchange.
What's the endgame? The proceeds will fund Fixed Wireless Access (FWA) infrastructure across Java, built through Surge's subsidiary PT Telemedia Komunikasi Pratama. The company frames the buildout as support for Indonesia's expanding digital economy.
Who's involved? Dentons HPRP acted as Indonesian legal counsel, advising on structuring both offerings and ensuring compliance with Financial Services Authority (OJK) requirements and Sharia principles. Partner Erwin Kurnia Winenda led the team, which handled due diligence, prospectus review, and coordination with regulators, underwriters, and the trustee through to listing.
Why now? The company calls the raise a "significant milestone" in its capital-raising programme, marking a step up from its earlier funding. The dual-tranche structure lets Surge tap both conventional and Islamic finance investors in a single offering.
The signal: Pairing conventional bonds with sukuk is an increasingly common route for Indonesian issuers seeking to widen their investor base while financing infrastructure. Surge's use of the structure to fund fixed wireless underscores how telecoms buildouts are turning to debt markets to bridge the country's connectivity gaps.
Read more: Legal Desire
