Garuda plans $500m IPO and February listing

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Garuda Indonesia plans to raise $500 million from its initial public offering (IPO) and aims to list on the Jakarta Stock Exchange on 11 February.

The state-owned airline will sell 9.36 billion shares, making up a 36.5% stake of the carrier, say reports quoting financial documents.

Garuda's CEO Emirsyah Satar and spokesman could not be contacted for comment.

The airline will begin roadshows for the IPO on 14 January, add the reports.

Garuda had initially planned to launch the IPO by end-2010 but this was pushed back after a delay in the auditing process.