Surya Pertiwi, an Indonesia-based sanitary ware company and the exclusive distributor of TOTO sanitary products, made its trading debut on the Indonesia Stock Exchange on Monday (14/05). It is the 12th company that has completed its initial public offering (IPO) on the Indonesia Stock Exchange so far in 2018. There are now 577 publicly listed companies in Indonesia.
In the corporate move Surya Pertiwi offered 700 million new shares, equivalent to about 26 percent of the company's issued and fully paid up capital, for a price of IDR 1,160 per share. Hence, the company raised IDR 812 billion (approx. USD $58 million) from the IPO. Reportedly, the company's shares were oversubscribed 38 times, thus reflecting robust investor demand. After the first trading day the company's shares had gained 2.59 percent to close at IDR 1,190 a piece.
Tjahjono Alim, President Director of Surya Pertiwi, said the proceeds that are obtained through the IPO will be used to improve the capital structure of the company through debt repayment as well as a higher capital expenditure budget. Most of this budget will be used to increase the production capacity of its subsidiary Surya Pertiwi Nusantara, which is located in Surabaya. Two production lines are targeted to have been added by the year 2020. Besides debt repayment and capital expenditure, the company will also use part of the IPO proceeds for its working capital budget.
Irene Hamidjaja, Director of Surya Pertiwi, added that 61 percent of the IPO proceeds will be used for debt settlements. Meanwhile, the production capacity expansion program is planned to commence in 2019. Capacity is targeted to rise from 500,000 units per year currently to five million units on the long term.
Presently, Surya Pertiwi controls 51 percent of the sanitary market in Indonesia supported by a distribution network that covers 16 big cities across the country. About 90 percent of the company's sales is generated from TOTO branded bathroom sanitary products. The other products sold by the company are primarily European branded sanitary ware.
So far in 2018 twelve companies have been added to the Indonesia Stock Exchange: telecommunication construction services company LCK Global Kedaton, coal miner Borneo Olah Sarana Sukses, helicopter transportation services company Jaya Trishindo, solar panel manufacturer Sky Energy Indonesia, trade, transportation and logistics services provider Indah Prakasa Sentosa, telecommunication support services company Gihon Telekomunikasi Indonesia, chemical manufacturing company Tridomain Performance Materials, property developer Dafam Property Indonesia, financial institutions Bank Tabungan Pensiunan Nasional Syariah and Bank BRISyariah, investment company Charnic Capital, and sanitary ware company Surya Pertiwi.
Last Update: 18 Sep 2018
IPOs on the Indonesia Stock Exchange up to 14 May 2018
|Company||P: 18 Sep 2018||P: 17 Sep 2018||Gain/Loss||P/E ttm||Yield %||Gain/Loss YTD|
|LCK Global KedatonLCKM||322||324||-0.62%||N/A||0.00%||3.21%|
|Borneo Olah Sarana SuksesBOSS||2,650||2,690||-1.49%||N/A||0.00%||341.67%|
|Sky Energy IndonesiaJSKY||885||900||-1.67%||N/A||0.00%||47.50%|
|Indah Prakasa Sentosa Tbk.INPS||2,060||2,060||0.00%||N/A||0.00%||397.58%|
|Gihon Telekomunikasi Indonesia Tbk.GHON||1,060||1,060||0.00%||N/A||0.00%||-39.60%|
|Tridomain Performance Materials Tbk.TDPM||392||394||-0.51%||N/A||0.00%||14.62%|
|Dafam Property Indonesia Tbk.DFAM||1,105||1,105||0.00%||N/A||0.00%||466.67%|
|Charnic Capital Tbk.NICK||146||146||0.00%||N/A||0.00%||-57.06%|
|Bank Tabungan Pensiunan Nasional Syariah Tbk.BTPS||1,650||1,645||0.30%||N/A||0.00%||13.01%|
|Bank BRIsyariah Tbk.BRIS||590||590||0.00%||N/A||0.00%||8.26%|
|Surya Pertiwi Tbk.SPTO||1,005||995||1.01%||N/A||0.00%||-15.55%|
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