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By Fathiya Dahrul, Pei Li and Elffie Chew
(Bloomberg) — PT Lion Mentari Airlines is reviving an initial public offering in Jakarta that could generate as much as $500 million, according to other people familiar with the matter.
Indonesia’s biggest private carrier is working with advisers on a potential offering that could take place as soon as the end of this year, the people said, asking not to be identified discussing private information. The company could raise $300 million to $500 million, they said.
Deliberations are ongoing, and major points, such as the duration and timing of the IPO, may still change, the resources said. A representative for Lion Air declined to comment.
A listing would be a boost to Indonesia’s IPO market after it hosted $3.6 billion of first-time share sales last year, up from $2.3 billion in 2022, according to data compiled by Bloomberg. Indonesia ranked sixth in the world in number of IPOs in 2023 and ninth in terms of proceeds, according to an EY report cited in a statement from the country’s bourse.
Lion Air had explored an IPO in 2019 as it sought to move past an October 2018 crash that killed all 189 people on board one of its Boeing Co. 737 Max aircraft, but then Covid erupted and the plan was put on hold as air travel stalled.
Lion Air is a cheap airline whose first flight took place in 2000, according to its website. The airline is a subsidiary of PT Langit Esa Oktagon, which is part of the Lion Group.
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