GARUDA seems to be in a hurry to spread its wings. The state-owned airline wants to rush to the floor of the stock exchange. This is a move that should be scrutinized carefully, because we do not want a repeat of the chaos surrounding the recent IPO of PT Krakatau Steel.

The IPO is targeted for next February. The government plans to sell 30 percent of PT Garuda Indonesia shares, hoping to raise US$300-400 million.

The plan to go public first em