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.

Further Reading:

Company Profile of the Blue Bird Group