Indonesia’s Top Drugmaker Said to Mull $500 Million Unit IPO (1)

PT Kalbe Farma, Indonesia’s biggest drugmaker by market value, is considering an initial public offering for its nutritional food unit PT Sanghiang Perkasa, which could raise about $500 million, according to people with knowledge of the matter.

Kalbe Farma, whose antacid drug Promag is a household name in Indonesia, has picked advisers to help with the planned first-time share sale of the unit, the people said. The company aims to list Sanghiang, also known as Kalbe Nutritionals, on the Jakarta stock exchange as soon as this year, said the people, who asked not to be named as the process ...