Shearman & Sterling and Assegaf Hamzah & Partners have advised PT Cikarang Listrindo, an Indonesian independent power producer, on its $275 million initial public offering, with Herbert Smith Freehills and Hiswara Bunjamin & Tandjung representing the underwriters.

The listing on the IDX makes Cikarang Listrindo the first utitilites company to go public in Indonesia. This is also the largest IPO in Indonesia so far in 2016.

The underwriters on the transaction were Citigroup, Deutsche Bank, UBS, PT Citigroup Securities Indonesia, PT Deutsche Securities Indonesia and PT UBS Securities Indonesia. 

The Shearman & Sterling team working on the transaction was led by capital markets partners Kyungwon Lee (Hong Kong) and Andrew Schleider (Singapore). Singapore partner Siddhartha Sivaramakrishnan led the team for HSF, while the HBT team was led by partner Tjahjadi Bunjamin.

 The IPO proceeds are expected to be used for capital expenditure to build additional power generation capacity, as well as to cover operational costs.

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