Garuda eyes H1 February IPO

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Garuda Indonesia aims to have its long-awaited initial public offer (IPO) in the first half of February.

The airline hopes to raise $300-400 million through the listing, which will help it to pay for aircraft purchases and expenses.

"We submitted the documents to the Indonesian stock exchange last week, and aim to submit the documents to the regulators in the first week of December," says Emirsyah Satar, President and CEO of Indonesia's flag carrier. "The roadshow will be in the second half of January, and we aim to have the IPO in either the first or second week of February."

The carrier had aimed to hold the IPO within 2010, but this was rescheduled several times. Satar says that it would not be possible to have it this year due to the holidays.

"We cannot have a roadshow at the end of the year as everyone will be on holiday. So that will now take place next year," he adds.

The state-owned airline has not confirmed what percentage of its stock will be available in the IPO, with Satar saying that this will be decided early next year. However, he confirms that the airline hopes to raise funds in the $300-400 million range.