Garuda Indonesia will conduct its initial public offering (IPO) in late January or early February next year (2011) instead of December as originally planned, as its auditors need more time to assess the airline's finances, according to President Director of Bahana Securities Eko Yuliantoro. Bahana Securities includes one of Garuda's underwriters for the IPO. Speaking at Garuda Central Office Cengkareng recently, Eko said Garuda would conduct road show to Asia, US, and Europe soon after the domestic public expose next year. "Road show would be effective if it is done after new year holidays. We will road show to Asian countries, US, and Europe for two weeks," Eko said in the press conference. Garuda Indonesia President Director Emirsyah Satar also attended the press conference. Speaking separately to an online media, Garuda Indonesia Head of Communication Pujobroto explained: "In addition to domestic investors, Garuda will also offer the IPO to foreign investors. Hence, we will adopt the global capital market rules, regulations, and code of conduct, especially the REG S and 144A. The code of conduct includes the current financial report, at least 135 days before listing." Usually, January is the holiday month for most of the countries in the world, so the time is not so effective for road show and listing. "In view of the holidays, PPE (underwriters) and International Selling Agent (ISA) recommended the early February for road show and listing," Pujobroto said. Through the IPO, Garuda will release a maximum of 30 percent of shares gradually. Garuda's underwriters for the IPO include Bahana Securities, Danareksa Sekuritas and Mandiri Sekuritas. UBS and Citi group have also been appointed as international underwriters for the listing. The IPO targets to collect more than US$ 200-300 million (Rp 3-4 trillion). Previously the government expected a listing in December this year, thus the audit should be ready in mid of September, while auditor needs at least two months for completion. Meanwhile, Emirsyah Satar disaffirmed the rumor says that Garuda's financial report is facing a problem. He said, auditor needed at least two months for auditing. "Two months is normal for a big company like Garuda with five subsidiary companies," said Emirsyah. Echoing the view, Pujobroto said Garuda is a big corporate that have been in operation for 61 years. It has many branch offices nationwide and overseas. In addition, Garuda also covers many sub business entity. "There are so many lines of businesses that will be socialized to investors. We need a longer time for audit." However, the condition will not halt the Garuda's plan to list IPO to Investment Coordinating Board (Bapepam) in November. "The PPE of IPO was appointed in mid August 2010. For listing in December, the audit should be completed in mid September. But, the auditor needs two months (up to October) for audit completion," Emirsyah said. (YS)