Indonesia's GMF AeroAsia targets IPO in Q2

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Indonesian MRO company GMF AeroAsia is targeting to hold its initial public offering (IPO) in the second quarter of this year.

"We're now doing the due diligence and legal and financial work with help from a consultant," says its president and chief executive Richard Budihadianto in an interview with Flightglobal Pro.

He adds that the target is realistic, since the firm has been preparing to be listed on the Jakarta Stock Exchange since 2008. The necessary documents only needs to be updated, and formal approval has to be sought from the shareholders.

The Garuda Indonesia maintenance arm has, however, yet to decide how much it wants to raise from the IPO, says Budihadianto.

GMF had previously said that initial plans were for the company to be listed in 2010, ahead of Garuda, but that was delayed when shareholders decided that the flag carrier should be listed first. Garuda raised $530 million through its IPO in February 2011, selling a 28% stake in the airline.