PT Bank DKI, one of Indonesia’s biggest regional development banks, is considering an initial public offering in Jakarta that could raise $150 million to $200 million, according to people familiar with the matter.
(Bloomberg) — PT Bank DKI, one of Indonesia’s biggest regional development banks, is considering an initial public offering in Jakarta that could raise $150 million to $200 million, according to people familiar with the matter.
The lender is working with PT BCA Sekuritas and PT CIMB Niaga Sekuritas Indonesia on the potential listing, which could happen as soon as this year said the people. PT Mirae Asset Sekuritas Indonesia and PT Sucor Sekuritas are also advising Bank DKI on the share sale, the people said, asking not to be identified as the information is private.
Deliberations are at an early stage and details of the IPO including size and timeline could change, the people said. An IPO is part of Bank DKI’s strategic policy in 2023, its President Director Fidri Arnaldy said in a virtual seminar on Thursday, without providing further details. Representatives for BCA, CIMB and Sucor declined to comment, while a representative for Mirae didn’t immediately respond to requests for comment.
Bank DKI is set to join its peers such as PT Bank Pembangunan Daerah Sumatera Utara, also known as Bank Sumut, in tapping the local capital markets. Bank Sumut is looking to raise about 1.5 trillion rupiah ($99 million) in an offering and its listing is slated for Feb. 7. Companies raised about $2.2 billion through first-time share sales in Indonesia last year, down from $4.3 billion in 2021, according to data compiled by Bloomberg.
Bank DKI posted loan growth of 27% for the nine months ended September, according to its website. Its net income jumped by 29% from the same period a year earlier.
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