Capitol Nusantara to go public

JAKARTA. Shipping company PT Capitol Nusantara will offer a portion of its shares to the public during an initial public offering (IPO) scheduled for Jan. 3 — 9, 2014.

The company expects to raise Rp 39.59 billion (US$3.26 million) to Rp 47.92 billion only from the sales of 208.36 million shares, equal to 25 percent of its enlarged shares.

The shares are priced between Rp 190 and Rp 230 each and Capitol has appointed PT Trimegah Securities and PT OCBC Sekuritas Indonesia to act as underwriters for the IPO.

Funds from the shares sale will be used to purchase an anchor handling tug supply (AHTS) vessel to support the company’s business in freight and time charters.

According to Capitol commissioner Yanuar C. Wijaya, the firm’s decision to sell some of its shares to the public was more on account of its intention to become a public company rather than to seek funds.

“Even without the IPO funds, we will still purchase new vessels. We have entered several tender processes. If we manage to secure 80 percent of them, we will purchase around 10 more AHTS vessels,” he said.

The book building period will run until Dec. 27 and the shares are slated to be listed on the Indonesia Stock Exchange on Jan. 14, 2014.