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Capital Markets

Falling stock market forces Wijaya Karya unit to delay IPO

Investors pull out of local markets due to rising U.S. interest rates

Wika Realty, subsidiary of Wijaya Karya, declined to comment on when the IPO has been rescheduled to.

JAKARTA -- Wika Realty, subsidiary of state-owned contractor Wijaya Karya, has postponed its initial public offering because of the volatile market.

Wika Realty, which offers property development, management and construction services, was looking to raise around 2.4 trillion rupiah ($170 million) to 3.1 trillion rupiah this month through a public offering of around 12.5 billion shares at a price range of 195 to 255 rupiah each. The company had been planning to use a quarter of the amount raised to acquire land, and another 30% for corporate acquisitions.

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