Indonesian auto parts manufacturer Garuda Metalindo plans to launch an initial public offering (IPO) this year to raise IDR258bn (US$19.4m) to pay off debt, buy new manufacturing equipment and use as working capital.
The shares will start trading on the Jakarta Stock Exchange on 7 July priced at IDR550, at the bottom of an earlier indicative range of IDR550-800 – reflecting the recent stock market decline and the slowdown in the country’s economic growth in the last year.
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The company makes fasteners which it supplies to most major vehicle manufacturers in Indonesia.
