Indonesia’s Adhi Karya plans IPOs for two units, targets to raise $319m

An elevated track for the Jakarta Mass Rapid Transit (MRT) stands under construction as vehicles wait in congested traffic in this aerial photograph taken in Jakarta, Indonesia, on Sunday, Aug. 13, 2017. Photographer: Dimas Ardian/Bloomberg

Indonesia’s state-controlled construction company Adhi Karya is planning to conduct initial public offerings for two of its subsidiaries in the second half this year with a combined target to raise around Rp 4.5 trillion ($319.9 million), a top executive of the firm said on Monday.

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