Indonesian independent power producer Cikarang Listrindo started bookbuilding for an initial public offering in Jakarta on Monday, potentially offering investors a new defensive play in an emerging market that is usually more focused on earnings growth.
The West Java-based electricity producer is looking to raise up to Rp4.75 trillion $357 million, rising to $477 million if a greenshoe option is exercised, which would make it the country's biggest IPO in more than five years.
It is also coming to market at a time when other Indonesian sectors are struggling due to low commodity prices, a weak rupiah, and higher import costs --...
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