(The Insider Stories) - Indonesian private equity fund PT Saratoga Investama Sedaya aims to raise up to US$230 million from an IPO offering of as much as 430,88 million shares or 15% of enlarged capital.

Edwin Soerdjaya and Sandiaga Uno, owners of the company, have set the IPO price at IDR6,100-IDR7,800 and are targeting to list the shares on the  Indonesia Stock Exchange June 25th.

Joint lead underwriters for the IPO are  PT Deutsche Securities Indonesia, PT UBS Securities Indonesia and PT Indo Premier Securities. CEO Sandiaga Uno says 15% of the IPO will be used to refinance debts held by the company's units, and the remainder for investment placement.

After listing its motorcycle dealership unit PT Mitra Pinasthika Mustika this month, Saratoga plans to list its oil and gas units PT Medco Power and PT Tri Wahana Universal in the next two to three years. Soerdjaja, Saratoga's chairman, said the company has joined the bidding to acquire medium-scale lender PT Bank Bukopin (IDX:BBKP) via its Saratoga Asia Fund Ltd.

People familiar with the situation have said Saratoga also wants to acquire listed dairy company PT Ultra Jaya Milk (IDX:ULTJ).

Saratoga is currently owned by PT Unitras Pertama with 35.11%, Edwin Soeryadjaya with 32.44%, Sandiaga Uno with 32.44% and PT Saratoga Intiperkasa with 0.01%.

Its listed subsidiaries are PT Adaro Energy (IDX:ADRO), PT Tower Bersama Infrastructure (IDX:TBIG), PT Provident Agro (IDX:PALM) and PT Mitra Pinasthika Mustika (IDX:MPMX).

Non-listed subsidiaries are PT Medco Energi Power, PT Tri Wahana Universal, PT Amara Plantation, Sihayo Gold Ltd, Sumatra Copper & Gold, Seroja, PT Etika Karya Usaha, PT Sinar Mentari Prima, Investments Ltd., Finders Resources Ltd, PT Interra Resources, PT Tenaga Listrik Gorontalo and PT Lintas Marga Sedaya.

So far, Saratoga has invested IDR9.84 trillion and last year booked revenues of IDR2.34. trillion and net profit of IDR1.91 trillion.