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Krakatau hiring banks for $300-400 mln IPO -source

Wed Aug 13, 2008 10:51pm EDT

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HONG KONG, Aug 14 (Reuters) - Indonesia's PT Krakatau Steel has begun the process of hiring banks to handle an initial public offering and possible sale of a block of shares to a strategic investor that would raise $300-400 million in total, a source familiar with the matter said on Thursday.

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The source, who was not authorised to speak publicly about Krakatau's plans, said top global steelmaker ArcelorMittal (ISPA.AS)(MTP.PA) had expressed interest in buying a stake.

State-owned Krakatau is Indonesia's largest steelmaker.

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