Indonesian budget airline Lion Air plans to sell a 30% stake in the company through an initial public offering. The IPO is being planned for the first half of 2012 to raise $1 billion.
President director Rusdi Kirana said the proceeds will be used to strengthen the company’s capital structure. “We plan to only sell a 30% stake of our company to the public,” he said.
Indonesian flag carrier Garuda raised around $530 million from selling 6.34 billion shares, or 28% of its total equity, to the public earlier this month.