Indomobil Multi Jasa, the a car rental and auto financing subsidiary of Indonesia’s second largest vehicle distributor Indomobil Sukses Internasional, announced plans to raise up to IDR838bn (US$72m) in an initial public offering later this month.

The company plans to issue up to 1.29bn new shares, equivalent to 25% of the company’s current share equity, for sale at an expected price of between IDR 500-650 each. The amount of shares on offer will depend on investor demand.

The proceeds will be used to expand the consumer finance business and vehicle rental fleet by up to 30%, according to the company.

CIMB Securities Indonesia, Deutsche Securities Indonesia, Kresna Graha Sekurindo and Buana Capital will underwrite the issue. Investors will be offered the new shares between 27-29 November, for listing on the Indonesia Stock Exchange on 5 December.

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