* Saratoga, Blue Bird eye listings -sources
* Major companies seek IPOs in 2013 ahead of 2014 election
(Adds quotes, details)
By Janeman Latul and Saeed Azhar
JAKARTA/SINGAPORE, April 2 Indonesia is set to
see two rare major listings worth a combined $450 million over
the next few months after the $1.3 billion share sale of
retailer PT Matahari Department Store in March boosted
equity demand in Southeast Asia's biggest economy.
Private equity firm PT Saratoga Investama Sedaya, and
Indonesia's biggest taxi operator Blue Bird Group, have picked
underwriters to prepare their IPOs as they seek to raise money
ahead of a 2014 general election which promises heightened
instability in capital markets, sources said.
Saratoga and Blue Bird are among several deals expected in
Southeast Asia's largest economy, where demand for local stocks
pushed the Jakarta index to a record high this week.
"We are seeing a huge pickup in terms of demand from foreign
investors compared with last year as they are looking for higher
yields," said Marciano Herman, chief executive of state-owned
Danareksa Securities, a leading local brokerage.
"The timing is good this year for big private companies to
tap the market, as next year is not a good time given the
In late March, London-based CVC Capital Partners and PT
Multipolar raised $1.3 billion by selling part of
their stake in Matahari, making it the biggest stock sale in
Indonesia since 2008.
Indonesia is expected to host several other IPOs this year,
including in the vehicle financing and agricultural sectors,
which altogether could raise over $2 billion and challenge
Malaysia as the region's top equity market.
In Malaysia, awaiting a general election which must be held
before the end of June, the equity market has been subdued with
$120 million raised in IPOs this year. Bankers still expect
companies to raise up to $3 billion in share sales in the second
half of the year, according to IFR estimates.
Saratoga has picked UBS AG and Deutsche Bank
to lead its initial public offering in the second
quarter of this year which aims to raise at least $200 million,
sources said on Tuesday.
Saratoga, which was founded in 1998 by Indonesian tycoons
Edwin Soeryadjaya and Sandiaga Uno, would be the first private
equity firm to float on the Jakarta stock exchange.
The process is in an advanced stage and it is expected to
float in late April or early May, one of the sources said.
Saratoga owns shares in several major Indonesian companies,
including coal miner PT Adaro Energy and PT Tower
Bersama Infrastructure, a telecommunications tower
Blue Bird Group has picked Credit Suisse AG and
UBS AG to lead its listing which aims to raise at
least $250 million, sources said.
Blue Bird wants to sell a stake of between 20 percent and 40
percent around the middle of this year, said one of the sources.
It is aiming for 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 demand for
car and motorbike taxis is generally strong, and Blue Bird is
one of the country's most prominent brands.
Blue Bird declined requests for comment, and Saratoga was
not immediately available for comment.
(Additional Reporting by Yantoultra Ngui in KUALA LUMPUR and
Daniel Stanton from IFR in SINGAPORE; Editing by Daniel