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Indonesia's Bank BKE eyes IPO by February 2019

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Indonesia's Bank BKE eyes IPO by February 2019

PT Bank Kesejahteraan Ekonomi, or Bank BKE, is seeking to raise between 300 billion Indonesian rupiah and 400 billion rupiah through an IPO by February 2019, IDNFinancials reported Sept. 6, citing the lender's CEO Sasmaya Tuhuleley.

The bank could sell around 30% to 40% of its shares and is currently selecting an underwriter for the public float, noted the Indonesian stock exchange's news outlet.

Bank BKE is still studying economic and market conditions for the move, which may result in the IPO being pushed back, Tuhuleley said.

As of Sept. 6, US$1 was equivalent to 14,945 Indonesian rupiah.