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Capital Market


Access to capital for business expansion and operation is very crucial to a company’s ability to meet its short and long-term objectives. Aside from simple bank financing, capital is raised through many alternatives involving capital market.

In current economic situation, many transactions and corporate actions need to be conducted in a highly complex business and legal environment and thus must be carefully planned and executed with great attention to the needs and concerns of various shareholders. Proper preparation and due diligence — in both planning, structuring of the deal and the related executions — are therefore crucial to success.

Crowe Capital Market and Advisory Deal (Crowe CMAD) was established to serve clients’ needs in raising capital in the domestic and global markets and assisting them to execute deals.

Crowe CMAD provides a wide range of innovative capital markets and advisory deal services. Augmented by a strong people with extensive experience in Indonesia capital market and broad network, we are among the leading capital market advisory houses in Indonesia.

Crowe CMAD comprises a core team of senior capital market specialists who provide services to companies in connection with all aspects of fund raising and advisory deals. At Crowe CMAD, our capital market specialists leverage deep expertise of both the Indonesian and global market and regulatory process to help clients effectively and efficiently address the new challenges of the current economic and financial environment.

Capital Market Services

We provide clients with recommendations, inputs and other financial advisory services to both public and non-public companies in connection with any capital market issues: advisory on fund raising plan in capital market (both equity & fixed income), advisory on capital market protocols & issues, etc (including but limited to strategy, proposed the right instrument type and its structure, assistance in its process & timetable (implementing the deal), capital market condition, and other factors to support the client’s goal in capital market.

The capital markets advisory service provides expertise on capital structure, capital formation and capital raising. We help tailor financing strategies to clients’ unique situations.

Advisory for Listed Companies:

  • Initial Public Offerings
  • Follow-ons:
  • Secondary Public Offering
  • Accelerated Bookbuild
  • Private Placement
  • Block Sale
  • Rights Offerings
  • Tender Offer
  • Share repurchases (buy back)
  • Strategic Sales 
  • Dual-track processes, etc

Debt Financing

  • Domestic Bond
  • Global Bond
  • Global MTN
  • Medium Term Notes
  • Convertibles, etc

Other Capital Market

  • Go Private
  • Delisting, etc

Non-Listed Companies

  • Pre-IPO advisory
  • M&A through capital market
  • Back door listing
  • Dual-track processes, etc

Corporate Finance

Services in providing clients with advises, recommendations, inputs and other financial advisory services to both public and non-public companies in relationship with non-capital market issues, in connection with executing the deals, including:
Project Finance

Merger & Acquisition

Our service offering includes M&A advice for buy and sell sides, fundraising and placements, joint ventures and other strategic partnerships. We also provide full due diligence for our clients.
M&A execution advisory
Business combination exercise
Other M&A related services

Funding Arrangement (Debt and Equity)

We arrange fund raising for Equity & Debt Financing through Banking & Private Placement including i.e: Banking, RDPT, DIRE, MTN, etc.


Professionals in Crowe CMAD have been actively involved in numerous key landmark public and private market transactions in Indonesia for both State Owned Companies as well as National Private Companies, with extensive experience in advising companies and Government in IPOs, secondary offerings and placement, privatization, debt instrument issuance including bonds, sale to strategic partner, mergers and acquisitions, restructuring.
 Erry Firmansyah Erry Firmansyah
President Director
+62 21 2553 5699
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   Heri Sunaryadi Heri Sunaryadi
Vice President Director
+62 21 2553 5699
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 Andi Sidharta Andi Sidharta
Managing Director
+62 21 2553 5699
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   Novita Lubis Novita Lubis
Managing Director
+62 21 2553 5699
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Contact Us
Novita Lubis
Cyber 2 Tower, 21st Floor
Jl. H.R. Rasuna Said Blok X-5 Jakarta 12950
62 21-2553 5699