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12-Oct-2017 8:59 AM

GMF AeroAsia confirms IPO details and investment plans

GMF AeroAsia confirmed (10-Oct-2017) it officially listed shares on the Indonesia Stock Exchange on 10-Oct-2017 using the stock code GMFI. The company offered 2.82 billion new shares, representing 10% of issued and paid up capital, at IDR400 (USD0.03) per share and raised IDR1129.34 billion (USD83.7 million). Shares were oversubscribed 2.6 times. Around 60% of net proceeds will be used for capital expenditure, 25% for working capital and the remainder for refinancing. Planned facilities in Batam, Australia, East Asia and the Middle East will be the first to receive funding. The company plans to increase its capability in airframes, components and engines. The company also confirmed plans to offer another 20% of capital to strategic investors. GMF AeroAsia is the first MRO company in Indonesia to go public. The company aims to become one of the world's top 10 MRO providers with revenues of USD1 billion by 2021. The company said it is currently the 13th largest MRO provider measured by revenue. [more - original PR]

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