Garuda IPO prices at 750 rph/share, govt to finalise -sources

PT Garuda Indonesia, the country's national flag carrier, has priced an initial public offering at 750 rupiah a share or the bottom of a 750-1,100 rupiah initial range, though the government has yet to make a final decision, sources told Reuters on Tuesday.

The airline is set to raise around $510 million with the pricing at the bottom end of the range, a source told IFR. The sources declined to be identified as the details were not public yet.

Mustafa Abubakar, the state-owned enterprises minister, said earlier on Tuesday that the government has delayed a decision on the final pricing until Wednesday.

Garuda Indonesia's hopes for a high-flying $1.1 billion IPO may have failed to get off the ground because it was priced so richly that foreign investors have been scared away, sources told Reuters earlier on Tuesday. Source: Reuters