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Indonesia EV supplier VKTR looks to raise $45m from domestic IPO

CEO says company eyeing November listing

Indonesia's VKTR is gearing up to launch electric buses in 2023. (Source image from VKTR website)

JAKARTA -- VKTR Teknologi Mobilitas Indonesia (VKTR) -- a unit of Indonesian conglomerate Bakrie & Brothers -- is looking to raise $45 million through a listing on the Indonesia Stock Exchange (IDX) in November, a top executive told DealStreetAsia.

VKTR CEO Gilarsi W Setijono said the supplier of commercial electric vehicles -- buses, trucks and delivery motorcycles -- is aiming for a valuation of $200 million to $225 million by selling newly issued shares amounting to a 20% stake in the company.

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