IPO of Golden Plantation on the Indonesia Stock Exchange

Immediately after the Indonesia Stock Exchange (IDX) opened on Tuesday (23/12), shares of palm oil producer Golden Plantation, which was listed today with company code GOLL, soared 21 percent to IDR 348 per share (from the initial price of IDR 288). Golden Plantation was the 24th (and last) company to conduct an initial public offering (IPO) on the IDX in 2014. The company owns seven oil palm plantations with a total area of 49,000 hectares. About 35 percent of this total area is planted.

Golden Plantation, a unit of Tiga Pilar Sejahtera Food, offered 800 million shares, equivalent to 21.8 percent of the company’s total equity, through the IPO raising IDR 230.4 billion (USD $18.4 million). Managing Director of Golden Plantation, Budhi Istanto Suwito, said that 21 percent of the proceeds will be used to acquire Bailangu Capital Investment, 38 percent for the acquisition of Persada Natural Green, and 41 percent for capital expenditures (capex) and working capital.

The company has a palm oil processing capacity of 30 tons of fresh fruit bunches (FFB) per hour and aims to boost this figure to 45 tons by 2017.

The palm oil producer targets to achieve net profit growth of around 10-15 percent in 2015. In the first half of 2014 Golden Plantation’s operating profit was IDR 10.8 billion (USD $864,000).

Director of the IDX, Ito Warsito, commented on Tuesday (23/12) that the increase in number of publicly listed companies in Indonesia supports to improve the liquidity in domestic capital markets and increase the market capitalization of the stock exchange. He added that a publicly listing is positive for local companies as it leads to better corporate management as well as enhanced transparency and accountability.

Last Update: 29 Mar 2021
IPOs on the Indonesia Stock Exchange up to 23 December 2014
CompanyP: 29 Mar 2021P: 28 Mar 2021Gain/LossP/E ttmYield %Gain/Loss YTD
Bank Panin SyariahPNBS83821.22%N/A0.00%-4.60%
Asuransi Mitra Maparya Tbk.ASMI925930-0.54%N/A0.00%-6.57%
Bank Ina Perdana Tbk.BINA1,5601,5500.65%N/A0.00%64.21%
Capitol Nusantara Indonesia Tbk.CANI1861860.00%N/A0.00%22.37%
Tunas Alfin Tbk.TALF31025820.16%N/A0.00%13.97%
Bali Towerindo Sentra Tbk.BALI7006901.45%N/A0.00%-6.04%
Wijaya Karya BetonWTON334344-2.91%N/A0.00%-20.85%
Graha Layar PrimaBLTZ4,6004,650-1.08%N/A0.00%53.85%
Intermedia Capital Tbk.MDIA6366-4.55%N/A0.00%3.28%
Eka Sari Lorena TransportLRNA180185-2.70%N/A0.00%1.69%
Link NetLINK3,2403,2001.25%N/A0.00%25.10%
Chitose InternasionalCINT238244-2.46%N/A0.00%-6.30%
Magna Finance Tbk.MGNA50500.00%N/A0.00%0.00%
Batavia Prosperindo Internasional Tbk.BPII7,3007,3000.00%N/A0.00%-15.12%
Mitrabara AdiperdanaMBAP2,8102,8000.36%N/A0.00%1.08%
Sitara Propertindo Tbk.TARA50500.00%N/A0.00%0.00%
Bank Dinar Indonesia Tbk.DNAR196210-6.67%N/A0.00%6.52%
Impack Pratama Industri Tbk.IMPC1,4551,460-0.34%N/A0.00%5.82%
Bank Agris Tbk.AGRS464498-6.83%N/A0.00%123.08%
Intan Baruprana Finance Tbk.IBFN171180-5.00%N/A0.00%-40.21%
Golden PlantationGOLL50500.00%N/A0.00%0.00%
Combined Total24,96524,983-0.07%7.27%

Green colour indicates upward movement Red colour indicates downward movement P = price; E = earnings; D = dividend; Yield = D/P "N/A" indicates P/E < 0 (negative earnings) "-" indicates E,D,P or YTD is not available

Further Reading:

• Overview and Analysis of the Palm Oil Industry in Indonesia
• Initial Public Offerings on the Indonesia Stock Exchange in 2014

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