Indonesian conglomerate, Salim Group, is planning to issue an initial public offering (IPO) of cooking oil producer, Salim Ivomas Pratama to raise $702 million, Reuters reports. Salim Group is planning to offer 3.163 billion of new shares equivalent to a 20% stake of its enlarged capital. About 40% of the proceeds from the offering are expected to be used to repay debt, while the remaining fund will be used to expand in palm oil and sugar plantations. Kim Eng Securities, Deutsche Bank and Mandiri Sekuritas will act as the underwriters for the share sale.

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