GARUDA IPO GUIDE PRICE TOO HIGH, SAY INVESTORS

Garuda’s high guide price for its initial public offering has been raising concerns with investors, which is leading some to suggest that the airline might raise far less than the $1 billion it hoped for. The low level of interest in the offering will be a serious blow to the airline, which completed a five-year debt restructuring in December and has made considerable progress over the past few years in improving its financial and safety performance. Marketing of the Garuda issue was due to close at 5pm yesterday but sources report that the process had “gone very badly, especially with