Garuda Indonesia to raise USD526m from IPO, about half initial expectation

The Indonesian Government has set flag carrier Garuda Indonesia's IPO price at IDR750 per share - at the low end of the IDR750-1100 initial range and slashed the shares on offer from 9.4 billion to 6.3 billion. The carrier will raise USD526 million from the sale of 26.67% of its equity, or less than half the USD1.1 billion initially expected.