One of the leading Indonesian conglomerates, Lippo Group, is aiming to make US$300 million for IPOs of its banking, healthcare and information technology units. Four people with knowledge of the transaction confirmed with Reuters, who spoke on condition of anonymity.

One of the front runners is Lippo's healthcare unit, Siloam Hospitals, who stands to raise nearly US$200 million for the IPO. The valuation for the largest private hospital operator in Indonesia was pegged at upwards of US$1 billion. 

The brokerage unit of Lippo Group PT Ciptadada Securities would be leading the underwriting for the different IPOs of the conglomerate. The President-Director of Ciptadana, Fery Bundiman Tanja confirmed the IPO but did not disclose the amount to be raised from the IPO.

The IPO plan came after the auction of Lipp assets failed to raise the needed US$300 million for minority shareholders in Siloam. The funds raised were not enough, even if major players such as Blackstone and KKR & Co participated in the sale.