5 companies set to float shares on IDX this month

JAKARTA. As many as five companies engaged in a variety of business activities are scheduled to float shares on the Indonesia Stock Exchange (IDX) in January.

The five companies, which include shipping firm PT Pelayaran Nasional Bina Buana Raya, Bank Maspion Indonesia, hotel operator Saraswati Griya Lestari, oil palm plantation firm Mitra Agro and hospital operator Sarana Meditama Metropolitan, are expected to pocket about Rp 879.05 billion (US$90.9 million) from sales of their shares during their initial public offering (IPOs), which are currently underway. 

Pelayaran Nasional, which is scheduled to list its shares on the IDX on Jan. 9, expected to book about Rp 138 billion from sales of its 600 million shares or 24.3 percent of its enlarged shares during the IPO, which ended on Thursday, according to data provided by the Indonesian Central Securities Depository (KSEI).

The company that provides logistics and transportation services to coal, nickel, and oil and gas industries in Indonesia, will use proceeds from the their IPO to partly finance purchases of two anchor handling tug supply (AHTS) units, to pay off its convertible bonds’ principal and interest, and as working capital.

 “The IPO went smoothly, as we had predicted. Some of the investors came from Singapore and Dubai and the United Arab Emirates,” said Shiantaraga, the head of investment banking at OKSK Nusadama Securities Indonesia, which acted as the underwriter. Pelayaran Nasional is 49 percent owned by Singapore-listed shipping firm Marco Polo Shipping.

Bank Maspion Indonesia and PT Saraswati Griya Lestari are both scheduled to list their shares on the IDX on Jan. 10. Maspion hopes to generate Rp 127.3 billion from the sales of 380 million new shares, or 11 percent of its enlarged shares, during the IPO that would close on a Friday. The bank is 84.6 percent controlled by PT Alim Investindo of the Maspion Group.

Maspion president director Herman Halim previously said that all proceeds from the IPO would be used to strengthen the bank’s credit financing. Its lending portfolio is dominated by the retail sector, which accounted for 46 percent, followed by small and medium enterprises loans at 43 percent and housing loans at 11 percent.

Meanwhile, Saraswati, a Malang-based hotel chain, is seeking to gain Rp 101.75 billion from the sales of new 550 million shares, which represents about 15 percent of its enlarged shares, during its Jan. 3-4 IPO. The company, which is currently controlled by property company PT Tiara Realty, operates three hotels — boutique hotel Saraswati in Magelang, East Java; three-star Best Western in Kuta, Bali; and 5-star Anantara in Uluwatu, Bali. 

Multi Agro expects to raise Rp 440 billion from the sales of four million new shares, 44.4 percent of its enlarged shares, during the IPO that will be held until Jan. 9. The company’s shares will be listed on the IDX on Jan. 16. Multi Agro, which is controlled by trading firm PT Santika Griya Persada, will use funds raised from the IPO to pay off debts and finance expansion.

Meanwhile, Sarana Meditama Metropolitan, operator of Omni hospitals, will list its shares on Jan. 11. Sarana is selling 180 million new shares during its IPO that would end on a Friday. The shares offered represent 15.2 percent of Sarana’s enlarged shares, and the company expects to reap Rp 72 billion. It will use proceeds from the IPO money to pay-off half of its current debts, to finance the expansion of the hospitals’ VIP rooms and as working capital.

The Jakarta Post