Indonesian PE firm Saratoga Investama picks banks for $200 mln IPO-sources
JAKARTA, April 2
JAKARTA, April 2 (Reuters) - Indonesian private equity firm PT Saratoga Investama Sedaya has picked UBS AG and Deutsche Bank to lead its initial public offering, aiming to raise at least $200 million in the second quarter, sources with direct knowledge of the matter said on Tuesday.
Saratoga, which was founded in 1998 by Indonesian tycoons Edwin Soeryadjaya and Sandiaga Uno, is planning to raise around $200 million in a first equity offering by an private equity firm in the Jakarta stock exchange.
The IPO process is in an advanced stage and it is expected to be launch in late April or early May, one of the sources said.
Saratoga has managed more than $2 billion according to its website. It closed its third fund in May 2012, which was handled by UBS.
Saratoga owns shares in several Indonesian leading companies, including Indonesia's second biggest coal miner PT Adaro Energy and PT Tower Bersama Infrastructure , a telecommunication tower operator. (Reporting by Janeman Latul in JAKARTA and Saeed Azhar in SINGAPORE; Editing by Ron Popeski)