Aneka IPO hits the gas after stock rally

The privately-owned Indonesian gas supplier kicks off a $75 million IPO on the back of Indonesian stock rally.

Indonesia's Aneka Gas Industri hit the road to pitch its Rp989 billion $75 million domestic IPO on Monday, making the most of a local equity rally that has pushed the stock market to an all-time high.

The company set out on a management roadshow at the start of the week, asking investors to consider a 767 million share sale at a price range of between Rp1,000 and Rp1,290 per share, according to a termsheet seen by FinanceAsia. That looks like an aggressive target when compared to its peers.

State-owned gas distributor Perusahaan Gas Negara, for example, trades at 13.3 times earnings on a rolling...

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