Indonesia’s Blue Bird taxis steer towards IPO
Who’s ever been in Jakarta or other big cities in Indonesia will know and appreciate the iconic taxis of Blue Bird Group, the country’s biggest taxi operator. The firm, which has acquired a reputation of being reliable and its drivers friendly and honest, is a preferred choice for locals and expats alike.
Now, the group is steering towards an initial public offering (IPO) at the Jakarta Stock Exchange in the fourth quarter of 2013. The taxi fleet aims to reap between $600 and $800 million by selling 20 to 40 per cent of the company’s stock equity.
This would make the IPO of Blue Bird the largest since the public listing of Indofood CBP Sukses Makmur, which raised $696 million in October 2010. It has been reported that Credit Suisse, Rothschild and UBS will act as underwriters.
Blue Bird is market leader on Indonesia’s taxi services market, in which dozens of licensed private companies participate and a grey market of unlicensed taxi services exists.
To date, only one Indonesian taxi company has gone public, Express Transindo Utama, Blue Bird’s main competitor. Since the IPO in November 2012, its share price rose by a whopping 154 per cent.
Analysts are of the opinion that Indonesia’s taxi sector offers significant growth opportunities given that the 240 million population is increasingly becoming urbanised, and strong macroeconomic growth gives rise to an expanding middle class. Furthermore, the still underdeveloped public transport infrastructure makes taxis the choice for many.
Blue Bird said in a filing that it will use funds from the IPO for expansion and rejuvenation of its taxi fleet, as well as to launch services in various cities on Sumatra such as Pekanbaru, Padang, Palembang and Medan.
Who's ever been in Jakarta or other big cities in Indonesia will know and appreciate the iconic taxis of Blue Bird Group, the country's biggest taxi operator. The firm, which has acquired a reputation of being reliable and its drivers friendly and honest, is a preferred choice for locals and expats alike. Now, the group is steering towards an initial public offering (IPO) at the Jakarta Stock Exchange in the fourth quarter of 2013. The taxi fleet aims to reap between $600 and $800 million by selling 20 to 40 per cent of the company's stock equity. This would make...
Who’s ever been in Jakarta or other big cities in Indonesia will know and appreciate the iconic taxis of Blue Bird Group, the country’s biggest taxi operator. The firm, which has acquired a reputation of being reliable and its drivers friendly and honest, is a preferred choice for locals and expats alike.
Now, the group is steering towards an initial public offering (IPO) at the Jakarta Stock Exchange in the fourth quarter of 2013. The taxi fleet aims to reap between $600 and $800 million by selling 20 to 40 per cent of the company’s stock equity.
This would make the IPO of Blue Bird the largest since the public listing of Indofood CBP Sukses Makmur, which raised $696 million in October 2010. It has been reported that Credit Suisse, Rothschild and UBS will act as underwriters.
Blue Bird is market leader on Indonesia’s taxi services market, in which dozens of licensed private companies participate and a grey market of unlicensed taxi services exists.
To date, only one Indonesian taxi company has gone public, Express Transindo Utama, Blue Bird’s main competitor. Since the IPO in November 2012, its share price rose by a whopping 154 per cent.
Analysts are of the opinion that Indonesia’s taxi sector offers significant growth opportunities given that the 240 million population is increasingly becoming urbanised, and strong macroeconomic growth gives rise to an expanding middle class. Furthermore, the still underdeveloped public transport infrastructure makes taxis the choice for many.
Blue Bird said in a filing that it will use funds from the IPO for expansion and rejuvenation of its taxi fleet, as well as to launch services in various cities on Sumatra such as Pekanbaru, Padang, Palembang and Medan.
