Cikarang Listrindo powers up Indonesia IPO

The West Java-based company started gauging market demand for a potential listing and could be the country’s first public-listed independent power producer.

Indonesia is set to welcome its first publicly listed power company after Cikarang Listrindo started pre-marketing for an initial public offering on Thursday.

Bankers familiar with the independent power producer's IPO said the total deal size could be around Rp4 trillion $300 million and will comprise both new shares and existing shares sold by a number of shareholders, including property developers Brasali Group and Pentakencana Pakarperdana.

Since Indonesia is not known for having a lot of sizable and internationally marketed IPOs each year, the listing -- tentatively expected in June -- will provide foreign investors with a rare opportunity to access the local primary market....

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