Garuda listing raises $360m for the Indonesian flag carrier

摘要

Garuda, the Indonesian flag carrier, listed on the Indonesian stock market on February 11 after months of build-up. The initial public offering (IPO) raised $510 million, of which $360 million went to Garuda and $150 million to 10% shareholder Bank Mandiri, which sold its entire stake.rnGaruda's shares were offered at Rp750 ($0.08), but dropped 17% to Rp620 at the close of the first day's trading.