JAKARTA, April 2 Blue Bird Group, Indonesia's
biggest taxi firm, has picked Credit Suisse AG and UBS
AG to lead its initial public offering, aiming to
raise at least $250 million this year, sources with direct
knowledge of the matter said.
The Jakarta-based group's IPO is one of the most anticipated
equity offerings in Southeast Asia's largest economy, where
demand for consumer stocks pushed the local index to a
record high this week.
Blue Bird is hoping to sell a stake of between 20 percent
and 40 percent around the middle of this year, said one of the
sources, adding that the company had recorded compound annual
growth rates of above 20 percent for the past 30 years.
It is aiming at a $1 billion valuation for its businesses,
which range from taxis to supply-chain management, said another
source who declined to be identified because the talks were not
A lack of public transport across Indonesia means car and
motorbike taxis are in high demand. The Blue Bird brand is one
of the more highly regarded among the plethora of taxi companies
operating in the archipelago of about 240 million people.
Blue Bird, established in 1972 by Mutiara Djokosoetono,
currently operates 21,000 taxis, according to its website, and
sources said it was planning to add about 10,000 more this year.
Blue Bird declined requests for comment.
(Reporting by Janeman Latul in JAKARTA and Saeed Azhar in
SINGAPORE; Editing by Stephen Coates)