One of the renowned land developers in Indonesia, with interests in subdivisions, shopping mals and golf courses has engaged the services of the Macquarie Group for an IPO. Sinarmas Land would be publicly listing an industrial properties project estimated to garner as much as US$300 million.

The share sale for Kota Deltamas is projected to be between US$200 million and US$300 million. The property is co-owned with Sojitz Corp of Japan and the IPO may be held as early as this year. According to anonymous sources familiar with the transaction, the company has engaged the services of Citigroup Inc, Nomura Holdings Inc and PT Sinarmas Sekuritas to manage the IPO.

The project is located in Cikarang, about 37 kilometers from Jakarta. It is estimated to be about 3,000 hectares with residential and commercial facilities. This land is part of the Sinar Mas Group, one of the largest conglomerates in the country. The company was founded by Eka Tijpta Widjaja, Indonesia's wealthiest man. Sinar Mas has interests in pulp and paper products, food, agribusiness, financial services and real estate.