BlueBird began pre-marketing ahead of its planned initial public offering that could net the Indonesian taxi-operator $300 million.
The third-generation family-run cab company, founded by the late Mutiara Djokosoetono in 1972 with 25 cars, hopes to take advantage of rising stock markets after July’s presidential election, and float its shares in Jakarta. If successful, the company would be the country’s largest IPO since state airline Garuda Indonesia secured $524 million in January 2011.
BlueBird, which now boasts a fleet of 30,000 vehicles and operates in 17 cities in Indonesia, will use IPO proceeds towards boosting its fleet further and potentially expanding in Southeast Asia.
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