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19 January 2021 (closed)
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Adhi Persada Properti, subsidiary of majority state-owned construction company Adhi Karya, plans to conduct an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) in 2015. The company hopes to reap IDR 600-700 billion (roughly USD $54 million) through this corporate action. However, Pulung Prahasto, Director of Adhi Persada Properti, declined to inform how many shares will be publicly listed as this is still a topic for internal debate. Adhi Persada Properti is engaged in property and real estate development.
This year, Adhi Persada Properti will start nine new projects, while in 2015 three more are expected to be initiated. Combined, these 12 projects are valued at IDR 18.5 trillion (USD $1.5 billion). According to the company, these projects will support a 96.5 percent increase in sales (yoy) to IDR 1.15 trillion in 2014.
Currently, Adhi Persada Properti is developing two apartment complexes (aimed at the middle class segment) in West Java. These are the Taman Melati Jatinangor in Sumedang and the Grand Taman Melati in Depok.
The company also targets the student and investor segments through construction of apartment complexes near universities in Yogyakarta (Central Java) and Surabaya (East Java). In Yogyakarta, Adhi Persada Properti is building the Apartemen Taman Melati Sardjito and Taman Melati Sinduadi, while in Surabaya it is building the Apartemen Taman Melati Mulyorejo.
In 2014, Adhi Persada Properti plans to spend IDR 1.3 trillion (USD $108 million) in capital expenditure. Two chunks of 40 percent will be financed by loans and internal cash reserves, while the remaining 20 percent will originate from its parent company Adhi Karya.