* Blue Bird has informally discussed IPO plan with banks
* Looking to sell 20-40 pct stake in IPO in mid-2013
* Company plans to add 10,000 new taxis in 2013
(Updates with details of plan, quote)
By Janeman Latul and Fathiya Dahrul
JAKARTA, Dec 18 Blue Bird Group, Indonesia's
biggest taxi operator, aims to raise around $200 million in an
initial public offering in 2013, when demand for Indonesian
equity is seen rebounding from 2012, sources said on Tuesday.
The Jakarta-based group is looking at a $1 billion valuation
for its businesses, which range from taxis to supply-chain
management, and has informally discussed the plan with banks,
said one of the sources, who declined to be identified because
the talks were not public.
Initial public offerings have been thin in Indonesia this
year and the Jakarta stock market has lagged gains in
Southeast Asian peers because of high valuations and concerns
about the weakening rupiah.
Blue Bird is looking to sell a stake of between 20 to 40
percent in the middle of next year, said another source, adding
the company has said that it has seen compound annual growth
rates of above 20 percent in the past 30 years.
"It will be an easy sell to investors...Look at the roads in
Jakarta and other big cities in Indonesia, they are filled with
Blue Birds and you always find it hard to get a taxi in the peak
hours nowadays," said one of the sources with direct knowledge
of the plan, who declined to be identified because the talks
were not public.
A lack of public transport across Indonesia means car and
motorbike taxis are commonly used, with Blue Bird cars widely
seen by the public as the most trustworthy brand among a host of
Blue Bird, established in 1972 by Mutiara Djokosoetono, has
taxi operations in major cities in Indonesia including Jakarta,
Bali, and Manado. The firm currently operates 21,000 taxis,
according to its website. The company is planning to add around
10,000 new taxis in 2013, sources said.
Blue Bird declined requests from comment.
This year Indonesia only saw several small IPOs, the biggest
being a $228 million offering by pay-TV provider PT MNC
Bankers say commodity firms have delayed offerings while
consumer businesses are seeing good cash flow on growing
middle-class demand, leaving owners seeking pricey valuations to
sell. But they expect deals to pick up next year.
By contrast, Malaysia has seen multi-billion dollar
offerings by palm firm Felda Global Ventures Holdings
and IHH Healthcare Bhd this year, while Thailand
emerged as an unexpected fee pool for deal-starved Asia bankers.
(Editing by Neil Chatterjee and Muralikumar Anantharaman)