JAKARTA, April 3 — Indonesian private equity firm PT Saratoga Investama Sedaya aims to raise more than US$1 billion (RM3.08 billion) from its initial public offering and a listing for its automotive distribution unit this year, co-founder Sandiaga Uno said on Wednesday.
The firm, founded in 1998 by Uno and fellow Indonesian tycoon Edwin Soeryadjaya, is looking to take advantage of strong liquidity inflow into Indonesia and to be among the first private equity players to launch an IPO in Asia.
"In terms of the value of shares we will float from the two IPOs, we expect to generate more than US$1 billion," said Uno, chief executive of Saratoga.
He said the firm expects total valuation of the two companies is around US$4 billion.
"Afterward, in the next few years, we hope to bring at least one IPO per year from our pipeline."
Saratoga has picked UBS AG and Deutsche Bank to lead its initial public offering.
Sources told Reuters earlier this week that Saratoga expected to raise around US$200 million in its own IPO, which would be the first equity offering by a private equity firm on the Jakarta market.
Uno declined to confirm the amount, but his comments would indicate that a planned second quarter listing of unit PT Mitra Pinasthika Mustika could raise as much as US$800 million.
Mitra has appointed Morgan Stanley and Deutsche Bank as the underwriters, Uno said, adding that the Mitra offer may come to the market earlier than Saratoga.
Saratoga owns shares in several major Indonesian companies, including the country's No.2 coal miner PT Adaro Energy and PT Tower Bersama Infrastructure, a telecommunications tower operator. — Reuters