Indonesia’s BlueBird IPO takes flight

Indonesian taxi operator hopes strong brand image will overcome weakening equity markets.

BlueBird, the Indonesian taxi operator, begins roadshows on Monday for a Rp3.7 trillion $307 million initial public offering.

The proceeds have been fixed but the company, one of the country's leading brands, has left itself plenty of flexibility by going out with a range for both the price and the number of shares it hopes to sell.

According to a term sheet seen by FinanceAsia, the group is offering between 397.85 and 513.889 million primary shares, which represents 19.5% to 50.8% of its issue share capital on a pro-forma basis. The price range is being marketed at Rp7,200 to...

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