Cikarang Listrindo seals rare utilities IPO

The Indonesian independent power producer raises $272 million from the first IPO out of the country's power and utilities sector since 2008.

Cikarang Listrindo seals rare utilities IPO

Independent power producer Cikarang Listrindo will become the first utilities company to list on the Indonesian Stock Exchange in eight years after setting a Rp3.6 trillion $272 million pricing for its initial public offering on Friday.

The most recent new issue in the power and utilities sector was Indika Energy’s $298 million IPO, completed in June 2008.

Bankers familiar with the situation told FinanceAsia the order book for Cikarang Listrindo...

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