Garuda Maintenance Facility Aero Asia (GMF), a subsidiary of Garuda Indonesia Tbk (GIAA), has initiated the company’s IPO roadshow to three countries, namely Singapore, Malaysia and Hong Kong (China). The investors responded positively and pricing will be made on September 22, 2017.
Harkandi M Dahler, General Director of Human Resources at GMF, said the directors are currently in the middle of a roadshow to these countries. “The investors responded positively, we will finalize the price from the offering range of IDR 390 to IDR 510, which is what investors are most interested in,” said Harkandi.
The company is not scheduled to meet with potential strategic investors in the roadshow. However, GMF has set several criteria for potential strategic investors who will purchase ten percent of the company’s shares under a private placement scheme. “Strategic partners must have the market, financial support, and should be able to lift the brand,” said Harkandi.
Currently, there are about five potential strategic investors from global maintenance, repair, and overhaul (MRO) companies. The company is targeting the stock sales to strategic investors to be completed this year after the IPO. (*)