Garuda unveils IPO, to raise up to 10.3 trillion rupiah

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Garuda Indonesia has kicked off marketing for its initial public offering (IPO), and plans to raise up to 10.3 trillion rupiah ($1.1 billion).

The carrier will sell up to 9.4 billion shares, priced at a range of 750 rupiah to 1,100 rupiah each, says the airline. The shares represent a 36.5% stake of the carrier.

Roadshows for the share sale started today and will run until 24 January, says the state-owned carrier, which aims to list on the Jakarta Stock Exchange on 11 February.