Blue Bird Group, Indonesia's largest taxi operator, is banking on its initial public offering (IPO) to fuel growth.
The company plans to sell at least a 20 percent stake that could raise up to $400 million and is expected to be Indonesia's largest IPO this year. The offering was originally scheduled for 2013, but a family lawsuit against Bluebird's President Director Purnomo Prawiro over share ownership and trademarks delayed regulatory approval. A district court dismissed that lawsuit in February.
"It is [entirely] a family dispute so it should not disturb the company... but psychologically, people were affected. We managed to win the courts so I hope that will give authorities and investors confidence," Noni Purnomo, president director of Blue Bird Group, told CNBC's "Managing Asia."
Noni, the third generation leader of the family business, hopes the listing will help the firm thrive for generations to come.
"We want to be a quality-driven sustainable company, so being public can [help to] incorporate a transparent corporate governance system and change public perception," she said. "We've had corporate and family governance in place for the past 10 years, but people still see us as a pure family company. We want to change that."