Garuda to spin off aircraft maintenance unit

Indonesia’s flag carrier is spinning off its maintenance unit in what promises to be the country’s largest IPO this year.

A fledgling equity sub-sector of the Asian aviation industry is on the verge of a growth spurt after Garuda Maintenance Facility AeroAsia launched an Indonesia initial public offering of Rp3.2 trillion $245 million on Tuesday.

The aircraft maintenance services subsidiary of flag carrier Garuda Indonesia intends to float 20% of its share capital in what could be the country's largest IPO since construction materials supplier Waskita Beton Precas was floated in September 2016 in a $396 million deal.

GMF AeroAsia will be the third pure-play aircraft maintenance company to go public in Asia if it lists successfully on October 10, following in...

¬ 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