26 Jan '11, 6pm

Indonesia carrier Garuda slashes IPO

Indonesia carrier Garuda slashes IPO

JAKARTA: Indonesia said on Wednesday that national airline Garuda had halved an initial public offering amid reports it had been forced into the downsize due to lack of interest and fears over the stock market. State-owned enterprise minister Mustafa Abubakar said the airline would try to raise 4.87 trillion rupiah ($540 million) in the listing, well down from its previous plan to raise 10.3 trillion rupiah. He said Garuda had priced the IPO at 750 rupiah a share, the bottom end of the indicative price range of 750-1,100 rupiah. "Although the level is at the lowest of our price range, this already gives an optimum benefit for Garuda," Abubakar said. He said the airline would sell 26 percent of its stock, or 5.735 billion shares, in February and put an extra four percent on the market at a later date. Abubakar added: "We will allocate 80 percent of the shares to domestic in...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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