Blue Bird Group, Indonesia’s largest taxi operator, put plans for a $450 million initial public offering on hold after the securities regulator withheld approval, said three people with knowledge of the matter.
Blue Bird, which was attempting the country’s biggest IPO in almost three years, had planned to start trading by the end of December, according to the people. The Jakarta-based company hasn’t set a new timetable for the listing, they said, asking not to be identified as the process is private.
Indonesia’s Financial Services Authority requested an explanation of conflicts between members of the Djokosoetono family that controls the company, commissioner for capital markets Nurhaida said by phone. The regulator also asked the company to provide additional documents before it gives approval, said Nurhaida, who like many Indonesians goes by only one name.
Blue Bird started gauging investor appetite for an IPO in October, people with knowledge of the matter said at the time. Blue Bird President Director Purnomo Prawiro declined to immediately comment.
The company operates about 28,900 vehicles, more than three times its closest rival PT Express Transindo Utama. Blue Bird, which started in 1972 with 25 taxis, is named after a European fairy tale about a girl and a blue bird who worked tirelessly to find happiness, according to its website.
Credit Suisse Group AG, UBS AG and Danareksa Sekuritas are managing the IPO.