Lion Air joins record rush of Indonesian firms planning IPOs

Indonesia’s largest private airline is among the more than two dozen local companies planning to sell shares for the first time as investors overlook a selloff in the broader market to lap up stocks from initial public offers. PT Lion Mentari Airlines, miners PT Ginting Jaya Energi, PT Dana Brata Luhur and PT Ifishdeco and developer PT Alamanda Investama may sell shares in the final quarter, according to I Gede Nyoman Yetna, director of listing at the Indonesia Stock Exchange. Investor appetite for shares of newly listed companies have already spurred 40 firms to tap the market this year, setting the exchange on course for a record number of IPOs this year. Lion Air began preparations for an IPO early this year and is targeting about $1b, people with knowledge of the matter said in March. Lion Air has mooted the possibility of listing as far back as 2005, though the plans have been delayed multiple times due to a flagging Indonesian economy and other issues. A $1 billion share sale would be Indonesia’s third-largest IPO on record, data compiled by Bloomberg show.<br/>