Indonesia says no more IPOs this year

Indonesia's government plans no new initial public offerings this year by state firms after flag carrier Garuda Indonesia launced its IPO, as no other firms will be ready to list, Mustafa Abubakar, minister for state-owned enterprises, said on Friday.

This is a setback to the government's plan to list seven to 11 firms this year and comes after the disappointing $532 million IPO of Garuda in February, when the stock plunged 17 percent on its trading debut.

The government has already called off a plan to list cement maker Semen Baturaja. It had intended launching an IPO in the first half of the year to raise up to 1 trillion rupiah ($115 million).

"There's no new IPO this year. We can't push an IPO for Semen Baturaja this year because they aren't ready internally," Mustafa told reporters, adding that the company might now list next year. ($1 = 8677.500 Indonesian Rupiahs). Source: Reuters