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's existing 864MW power plant at Bekasi, West Java
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 five years. 

It is also coming to market at a time when other Indonesian sectors are struggling due to low commodity prices, a weak rupiah, and higher import costs --...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222