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Indonesia's Lion Air planning IPO - sources

Indonesia's Lion Air planning IPO - sources
FILE PHOTO: A Lion Air Boeing 737-900 parked at Denpasar airport in Bali August 14, 2017. REUTERS/Thomas White/File Photo   -   Copyright  THOMAS WHITE(Reuters)
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JAKARTA (Reuters) – Indonesian carrier Lion Air has started working on a domestic initial public offering (IPO), as it seeks to move past the crash in October last year that killed 189 people on board, two sources told Reuters.

The airline is currently working with advisors on the planned IPO, a source close to the airline told Reuters.

The source declined to name the advisors as they were not authorized to speak on the matter and would not comment on the planned size of the IPO.

The news of the planned IPO was first reported earlier on Thursday by Bloomberg. The Bloomberg report said the listing size would be around $1 billion. The source Reuters spoke with declined to comment on the size.

Indonesia Stock Exchange (IDX) director I Gede Nyoman Yetna told Reuters the Lion Air leadership team had recently attended a class on IPOs in anticipation of listing, but had yet to submit any official documents.

“The class is designed for prospective issuers, especially those with plans to go public in the immediate future,” he told Reuters by text message.

“ At this time though, no documents have been received by the exchange,” he said.

Lion Air has previously talked about plans for an IPO, but has never followed through, having aborted plans in 2014 and 2016.

A spokesperson for Lion Air Could not be immediately reached for comment.

(Reporting by Bhanu Pratap in Bengaluru and Cindy Silviana in Jakarta, writing by Fanny Potkin; Editing by Gopakumar Warrier & Simon Cameron-Moore)

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