May 9 (Bloomberg) -- Sinarmas Land, an Indonesian developer of homes, shops and golf courses, hired Macquarie Group Ltd. for an initial public offering of an industrial properties project that may raise as much as $300 million, said people with knowledge of the matter.
The sale of shares in Kota Deltamas, also owned by Japan’s Sojitz Corp., may raise $200 million to $300 million as early as this year, the people said, asking not to be named as the information is private. PT Sinarmas Sekuritas, Citigroup Inc. and Nomura Holdings Inc. will also help manage the offering, the people said.
Shares of industrial real estate companies in Indonesia have surged this year, powered by a booming economy. PT Bekasi Fajar Industrial Estate’s stock has risen 51 percent and PT Surya Semesta Internusa Tbk is up 43 percent, beating the 18 percent gain for the benchmark Jakarta Composite Index.
The Kota Deltamas project in Cikarang, about 37 kilometers (23 miles) from Jakarta, covers an area of about 3,000 hectares and will also include commercial and residential facilities, according to its website. An e-mail from Bloomberg News to Sinarmas Land seeking comment on the IPO went unanswered.
Sinarmas Land is part of the Sinar Mas Group, one of the largest conglomerates in Indonesia and founded by the country’s richest man, Eka Tjipta Widjaja. The group has interests ranging from pulp and paper products, agribusiness and food to financial services and real estate. Its other listed property companies are PT Bumi Serpong Damai, PT Duta Pertiwi Tbk and Singapore-traded Sinarmas Land Ltd.
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