Rajawali hopes to strike gold with Archi IPO

The Indonesian conglomerate hopes gold prices have bottomed as it launches an IPO of its domestic gold mining assets.

Gold has been among the worst-performing asset classes in recent years but Indonesia's Rajawali group hopes equity investors will view the initial public offering of its gold mining operations as an opportunity to invest at the bottom of a new up-cycle.

Roadshows for the Rp3.5 trillion to Rp4.6 trillion $295 million to $379 million PT Archi Indonesia IPO began on Thursday and will continue through to November 25 when the deal is scheduled to price. Allocations will take place on December 11 after a domestic offering running from December 8 to 9.

Listing on the Jakarta Stock Exchange is scheduled for December 15.

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