Indonesia's Saratoga aims to raise $1 bln from two IPOs
JAKARTA, April 3
JAKARTA, April 3 (Reuters) - Indonesian private equity firm PT Saratoga Investama Sedaya aims to raise at least $1 billion from its initial public offering and a listing for its automotive distribution unit this year, the firm's co-founder said on Wednesday.
"In terms of the value of shares we will float from the two IPOs, we expect to generate more than $1 billion," said Sandiaga Uno, chief executive of Saratoga.
Sources told Reuters earlier this week that Saratoga expects to raise around $200 million in its own IPO, which would be the first equity offering by a private equity firm on the Jakarta market, though Uno declined to confirm the amount.
His comments mean that a planned second quarter listing of unit PT Mitra Pinasthika Mustika could raise as much as $800 million, in another sign that Indonesia's IPO market is picking up steam this year..
Mitra has appointed Morgan Stanley and Deutsche Bank as the underwriters, Uno said. (Reporting by Janeman Latul; Writing by Neil Chatterjee; Editing by Louise Heavens)