(Bloomberg) – PT Bank DKI, one of Indonesia’s largest regional development banks, is considering an IPO in Jakarta that could raise $150-200 million, according to people familiar with the matter.
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The lender is working with PT BCA Sekuritas and PT CIMB Niaga Sekuritas Indonesia on the possible listing, which could happen later this year, the people said. 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 timing, 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 giving any further details. Representatives from BCA, CIMB and Sucor all declined to comment, while a Mirae representative did not immediately respond to requests for comment.
Bank DKI will join its competitors like PT Bank Pembangunan Daerah Sumatera Utara, also known as Bank Sumut, to enter the local capital markets. Bank Sumut intends to raise about 1.5 trillion rupiah ($99 million) in an offering and the listing is scheduled for February 7. Companies raised about $2.2 billion through first-time share sales in Indonesia last year, compared with $4.3 billion in 2021, according to data compiled by Bloomberg.
Bank DKI reported loan growth of 27% for the nine months to September, according to its website. Net income increased 29% from the prior-year period.
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