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5 August 2020 (closed)
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Indonesian property developer Poris Benteng Betawi may conduct an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) in 2015. Proceeds from the IPO would be used to finance a 20-hectare wide superblock project involving apartment and office towers, a school, hospital, mall and hotel in Tangerang (West Java). The property developer is currently still occupied with the land acquisition process for the project. Although this process has only been realized for 80 percent, groundbreaking of the project has already been held.
The complete superblock is estimated to require between IDR 3 and 5 trillion (roughly USD $333 million) worth of investments. However, considering that the Indonesian government is expected to raise prices of subsidized fuels soon, costs may exceed this estimation. Therefore, Poris Benteng Betawi seeks to obtain external funds to finance the project.
It is the first time that the company builds an apartment complex. Previously, Poris Benteng Betawi had a main focus on development of residential landed houses.
Initial Public Offerings on the Indonesia Stock Exchange in 2015
The Indonesia Stock Exchange (IDX) targets to see 35 new listings on the stock exchange in 2015. This would be a 40 percentage point increase from this year’s expected outcome. This year, several companies delayed to hold an IPO due to uncertainties triggered by the ‘political year’ (legislative and presidential elections). Therefore, there have only been 19 IPOs up to the start of November 2014.