One of the largest electronics retailers in Indonesia, PT Electronic City Indonesia (ECI) is now planning to raise nearly US$150 million through an initial public offer on June 2013. It aims to tap the foreign investor market, whose high demand for consumer stocks makes the move all the more enticing.
ECI is the tenth company in the country to test the IPO market making this second quarter the biggest yet for the largest economy in Southeast Asia.
The firm is intending to sell off nearly 25% of its shareholdings with the proceeds to be utilized to finance the opening of new stores in Indonesia. This was confirmed by two anonymous sources familiar with the deal.
The company is based out of Jakarta and was established back in 2001. It currently operates seventeen stores and twelve outlets from North Sumatra to Jakarta.
The underwriters for the IPO are state owned brokerage firm PT Danareksa Securities and Credit Suisse.
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