Major taxi firm to launch IPO in November
PT Express Transindo (Express Group), one of Indonesia’s major taxi companies, plans to sell 20 to 40 percent of its enlarged shares to the public through an initial public offering (IPO) in November.
The firm’s president commissioner, Steven Sulistyo, said on Thursday that the IPO proceeds would be used to extend the company’s fleet and to repay debts.
“We are still calculating [the expected proceeds], but it will definitely be above Rp 500 billion (US$52.12 million),” he said in Jakarta as quoted byantaranews.com.
The company has appointed PT Mandiri Sekuritas and JP Morgan Securities as its underwriters.
Express, which controls 20 percent of the taxi market, operates 7,000 cars throughout the country. Its services consist of regular taxi, premium taxi and limousine service. The company’s target is to have 8,000 cabs by the end of the year. (yps/lfr)