Krakatau Steel To List

Indonesia's largest steelmaker, PT Krakatau Steel, will launch an IPO. The state-owned enterprise had been debating between selling a stake to investors and launching an IPO for the past few months. Since it is state-owned any stake sale has to be approved by parliament and it received the required parliamentary approval to launch an IPO at the start of September. The government has stated that it wants to keep control of the steel producer, which has assets worth an estimated INR11trn (US$1.18bn) and supplies the country with 30% of its total steel demand. For this reason, an IPO makes sense,

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