PT Garuda Maintenance Facility AeroAsia, a unit of national carrier PT Garuda Indonesia, plans to raise as much as $300m in an initial share sale to fund setting up of a new unit in an island near Singapore and expand overseas. GMF AeroAsia, which conducts maintenance, repair and overhaul of aircraft for 170 customers, will offer between 20 and 30% of its equity to investors and is targeting an October listing on the Indonesia Stock Exchange, said President Director Iwan Joeniarto. It will be the biggest initial share sale in Southeast Asia’s largest economy since PT Waskita Beton Precast raised $402m in September, according to data compiled by Bloomberg. The company, spun off as an independent unit from Garuda in 2002, plans to use the proceeds from the share sale to set up a new facility in Batam island, south of Singapore, and to seek partners for its expansion in Dubai, Australia and East Asia, Joeniarto said. PT Mandiri Sekuritas has been appointed as the lead underwriter for the offering while PT Bahana Sekuritas, PT BNI Securities and PT Danareksa will act as the co-underwriters. “Our aim is to grow this company at the pace of 20 to 21% over the next five years.” Joeniarto said in a phone interview on Aug. 16, referring to the revenue target. “Right now 65% of our revenue comes from Garuda and the rest from other airlines. In five years that ratio will be reversed.”<br/>