Sources told Bloomberg that Blue Bird Group would be attempting to launch the largest initial public offering in Indonesia in nearly three years. Two people said the largest taxi operator in the country had begun to evaluate if there was investor demand for its planned USD 450 million share sale. The sources said Blue Bird would start getting investor orders next month.
The people with knowledge of the matter added that new stock, as well as shares that would be sold by existing investors, would be part of the share sale. Should the IPO push through, it would be biggest share sale in Indonesia since state-owned Garuda Indonesia raised USD 524 million when it went public in January 2011.
The Djokosoetono family holds a majority stake in Blue Bird. The company has a portfolio of 28, 900 vehicles. Its fleet is over three times the size of PT Express Transindo Utama, which is its closest competitor.
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