Update COVID-19 in Indonesia: 1,713,684 confirmed infections, 47,012 deaths (9 May 2021)
9 May 2021 (closed)
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Blue Bird, Indonesia’s largest taxi operator, plans to conduct its initial public offering (IPO) on the Indonesia Stock Exchange (IDX) this month. The company offers 531.4 million shares, or 20 percent of its enlarged capital, to the public. However, the company is yet to determine the share price for the IPO. Based on a statement released on Friday (03/10), Blue Bird holds an offering from 24 to 28 October 2014. The company’s shares are set to be listed on the IDX on 3 November 2014. Blue Bird will also hold roadshows in the US and the UK.
Previously, Blue Bird stated to expect to raise about USD $400 million through the IPO, which would make it the largest IPO in Indonesia since food producer Indofood CBP Sukses Makmur raised USD $696 million in 2010. Currently, only two Indonesian companies that are engaged in taxi services have been listed on the IDX: Express Transindo Utama and Cipaganti Citra Graha.
Blue Bird will also arrange several limited offerings abroad, including Malaysia, Singapore and Hong Kong. The company’s overseas roadshow starts on Monday (06/10) and will inform the company about interest of foreign investors. Lead underwriters for the IPO are Credit Suisse Securities Indonesia, Danareksa Sekuritas and UBS Securities.
The company will use half of the funds for its capital expenditure (mainly for new car vehicles and acquisitions), and the remainder for refinancing and working capital.