Bakrie-owned Indonesia EV firm VKTR seeks US$45m from November IPO

VEKTOR Teknologi Mobilitas (VKTR) - an electric vehicle (EV) firm owned by Indonesian conglomerate Bakrie Group - intends to launch an initial public offering (IPO) on the Indonesia Stock Exchange by November this year.

VKTR chairman Anindya Bakrie, who announced the plans for the listing at an event last week, could not provide further details except to say it is still going through the process by Indonesia’s Financial Services Authority. The underwriters for the IPO will be Ciptadana Sekuritas Asia and Samuel Sekuritas of Indonesia.

According to various local media reports, the company - a supplier of commercial EVs including buses, motorcycles and trucks - plans to raise around US$45 million from the IPO, with the funds being used for business expansion.