Indonesia’s flagship carrier Garuda plans next week to submit its long-delayed plans for an initial public offering.
The state airline has announced plans to sell 30 percent of its equity with proceeds of up to US$300 million,
Garuda plans to use proceeds from the offering to double its fleet to 116 jetliners by 2014, as well as opening more international and domestic routes.

“Our plan to list on the Indonesia Stock Exchange by February is back on track,†said Emirsyah Satar, Garuda’s president director.
On November 6, a state ministry reported that the carrier had suffered a Rp 39.5 billion loss for the first nine months of the year, putting the IPO plans in jeopardy.
Days later, it was revealed that Garuda had actually booked a healthy profit for the period because the ministry had released unaudited results.
