Indonesian state-owned fertiliser company PT Pupuk Kalimantan Timur is planning an initial public offering (IPO) in Jakarta this year that could raise about $500 million, two sources with direct knowledge of the matter said.
At least two banks have been tapped for the deal which will see Pupuk Kalimantan Timur's parent PT Pupuk Indonesia selling up to a 20% stake in the company, the sources told Reuters.
Pupuk Indonesia, a national company with businesses ranging from food to logistics, owns 99.99% of Pupuk Kalimantan Timur, which is also known as Pupuk Kaltim, according to its website. IPO proceeds will be used for capacity expansion, said one of the sources. Both sources declined to be named as the matter is private.The planned listing comes as Indonesia, Southeast Asia's largest economy, is170 trillion rupiah in its capital markets this year, including listings and debt instruments.
Indonesia's capital market raised about 260 trillion rupiah last year, according to Inarno Djajadi, head of capital market supervision at the Financial Services Authority. The fundraising included the IPO of tech giant PT GoTo Gojek Tokopedia
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