Cikarang Listrindo IPO offers rare defensive play

The June listing of the power producer could be Indonesia's biggest IPO since early 2011.

Cikarang Listrindo IPO offers rare defensive play
Cikarang Listrindo's existing 864MW power plant at Bekasi, West Java

Indonesian independent power producer Cikarang Listrindo started bookbuilding for an initial public offering in Jakarta on Monday, potentially offering investors a new defensive play in an emerging market that is usually more focused on earnings growth. 

The West Java-based electricity producer is looking to raise up to Rp4.75 trillion $357 million, rising to $477 million if a greenshoe option is exercised, which would make it the country's biggest IPO in more than...

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