National flag carrier Garuda Indonesia says it will announce the price of its shares for its initial public offering (IPO) on Wednesday.
“We have reached a decision on the price, but based on ruling we will only announce this on Wednesday afternoon after reporting the share price to the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK),” Garuda finance director Elisa Lumbantoruan said Tuesday as quoted by tribunnews.com.
Garuda management met with members of the State Enterprises Ministry, an underwriter and international selling agent on Tuesday to decide on the price.
Garuda has planned to offer 9,362,429,500 shares, or 36.48 percent of its total stock, to the public via an IPO and expects to raise $350 million from them.
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