Indonesian tycoons Edwin Soeryadjaya and Sandiaga Uno are considering an initial public offering for their private equity firm Saratoga Investama Sedaya, five people with knowledge of the matter said.
The deal may raise at least $200 million, and investment banks presented proposals to manage the IPO last month in Jakarta, said two of the people, asking not to be identified as the information is private. Saratoga, which may start the share sale in mid-2013, will probably choose banks to arrange the offering this month, one person said.
Saratoga, founded in 1998 by Soeryadjaya and Uno, oversees more than $2 billion according to its website. It closed its third fund in May 2012. Among Saratoga’s investments are PT Adaro Energy, Indonesia’s second-largest coal producer, and PT Tower Bersama Group, a provider of telecommunications infrastructure.
Saratoga would become the first private equity firm with shares traded in Jakarta, data compiled by Bloomberg show. At $200 million it would be Indonesia’s biggest since PT MNC Sky Vision’s $228 million sale in June last year, the data show.