Up to 20 investors express interest in Garuda Indonesia IPO

Garuda Indonesia CEO, Emirsyah Satar, stated up to 20 investors from Australia, Japan and the US have expressed interest in its IPO planned for 3Q2010 (Bisnis.com, 27-Apr-2010). Funds raised from the offer will be used for commercial expansion. Five potential underwriters are also being considered for the float. The carrier plans to sell 40% of its shares to raise approximately USD300 million. Mr Satar added the carrier expects to retire its restructured debt of approximately USD516 million by 2016.