Starting news article english 8 November 2012

Clifford Chance advises on US$61 million IPO for Indonesian taxi company

Leading international law firm Clifford Chance has advised the underwriters J.P. Morgan and Mandiri Sekuritas on Indonesian taxi company PT Expresso Transindo Utama Tbk's US$61 million IPO. Approximately 1.051 billion shares were priced at US$0.058 (Rupiah 560) per share on the Indonesia Stock Exchange.

Partner Raymond Tong who led the team said, "We were very pleased to assist with this IPO. It marks the first time an Indonesian taxi company has listed on the Indonesia Stock Exchange and signals the rapid growth of local companies in emerging markets."

Raymond was assisted by US-qualified partner Johannes Juette, associate Jeremy Ward and trainee Sophie Coster.

PT Expresso Transindo currently operates a fleet of 7,000 units of regular taxis and will use the IPO proceeds to reach its target of 8,000 units by the year end, representing 15,000 cabs.

PT Expresso Transindo was established in 1989 and today controls approximately a 19 percent share of the taxi market in Indonesia. It also provides car rental and fleet management services.