Indonesia’s biggest IPO this year

Share sale: A technician checking the engine of a Garuda Indonesia aircraft. GMF AeroAsia, which conducts maintenance, repair and overhaul of aircraft for 170 customers. It will offer between 20 and 30 of its equity to investors and is targeting an October listing. — AFP

JAKARTA: PT Garuda Maintenance Facility AeroAsia, a unit of national carrier PT Garuda Indonesia, plans to raise as much as US$300mil in an initial share sale to fund setting up of a new unit in an island near Singapore and expand overseas.

GMF AeroAsia, which conducts maintenance, repair and overhaul of aircraft for 170 customers, will offer between 20% and 30% of its equity to investors and is targeting an October listing on the Indonesia Stock Exchange, said president director Iwan Joeniarto.