Indonesian lender Nobu Bank plans to sell 52 percent of its enlarged capital in an initial public offering in May, the underwriter said on Tuesday.
Controlled by the Riady family of Indonesian conglomerate Lippo Group, Nobu plans to raise Rp 862 billion ($88.76 million) for business expansion by issuing 2.15 billion new shares.
The issue will be priced in a range of Rp 325 to Rp 400 per share or price-to-earnings valuation of 20.8 to 25 times, with the listing date on May 8.
Ciptadana Securities is the underwriter for the IPO.
Nobu Bank plans to open 70 offices and targets a loan growth of up to 50 percent by the end of this year. Lippo Group aims to raise at least $300 million in the second quarter through IPOs of its health care, banking and information technology units.
Jakarta finance stocks were up 0.91 percent, while the broader index was up 0.77 percent.
Jakarta Globe is a subsidiary of the Lippo Group.