Garuda's IPO to be Evaluated

What is important for the management for now and the future is that the pledge and that business plan of Garuda that have been put in the prospectus before going public must be able to be realized, she said.

Garuda’s president director Emirsyah Satar meanwhile had said that the proceeds from the IPO totalling Rp3.3 trillion would be used for expansion including improving the business of its sister company.

"All the procceeds from the IPO in line with the prospectus would be used for financing expansion and not for other purposes" he said.

He however declined to answer the question on why foreign investors had been reluctant to buy Garuda’s shares saying that it was under the authority of the underwriters.

"Please ask about it to the underwriters. I have already conducted a roadshow. So just ask them," he said.