Garuda pitches IPO in Singapore

PT Garuda Indonesia says a host of Singaporean companies attended its roadshow to promote Garuda’s IPO on the Indonesian Stock Exchange.

Garuda Indonesia's president director Emirsyah Satar said at least 26 investors attended the company's presentation on Friday in Singapore.

"We've received a very good response here...beyond our expectations," Emirsyah said as quoted by tempointeraktif.com.

Garuda representatives also met with seven investment institutions and visited seven investment firms in Singapore, and would next take their pitch to Hong Kong, London, Boston and New York, according to the company.

Emirsyah said the roadshows were intended to attract potential investors to buy Garuda's stock as part of their long-term investment strategies.

Garuda would release a 36.48 percent stake in the company in the IPO, comprised of 9.4 billion shares: 7.4 billion shares for the public, covering 28.9 per cent, and 1.9 billion shares through Bank Mandiri sales, covering 7.54 per cent, according to IPO underwriter Bahana Securities chief Eko Yulisantoro.

Garuda previously said it would expand its fleet to 153 aircraft by 2014, up from a current total of 87. The airline also previously announced it would launch new domestic routes to Gorontalo and Belitung and new international routes to Delhi, Mumbai and Taipei in 2011.