Garuda to spin off aircraft maintenance unit

Indonesia’s flag carrier is spinning off its maintenance unit in what promises to be the country’s largest IPO this year.
September 13, 2017

A fledgling equity sub-sector of the Asian aviation industry is on the verge of a growth spurt after Garuda Maintenance Facility AeroAsia launched an Indonesia initial public offering of Rp3.2 trillion $245 million on Tuesday.

The aircraft maintenance services subsidiary of flag carrier Garuda Indonesia intends to float 20% of its share capital in what could be the country's largest IPO since construction materials supplier Waskita Beton Precas was floated in September 2016 in a $396 million deal.

GMF AeroAsia will be the third pure-play aircraft maintenance company to go public in Asia if it lists successfully on October 10, following in...

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