Indonesian rice producer Buyung Poetra Sembada will offer 710 million new shares, or 30.08 percent of the company's expanded capital, to the market through an initial public offering (IPO) on the Indonesia Stock Exchange. The new shares will be offered at between IDR 420-500 per share, hence aiming to raise up to IDR 355 billion (approx. USD $26 million), in December 2015. Buyung Poetra Sembada is a rice producer known for its Topi Koki brand. Underwriter for the offering is Bahana Securities.
Sukarto Bujung, General Director of Buyung Poetra Sembada, said all proceeds from the IPO will be used for working capital to finance operational activities in a bid to boost next year's sales. The company wants to build two rice plants in South Sulawesi and Central Java, requiring about IDR 90 billion of funds in total. Construction of these two factories should be completed by 2017. Both plants will have an annual production capacity of 50,000 tons. After these plants are fully operational, Buyung Poetra Sembada is expected to have total production capacity of 475,200 tons per year.
Currently, the company already owns two rice factories, one in Cipinang (with a daily production capacity of 5 tons), and one in Pamanukan (with a production capacity of 30 tons per day).
Based on research conducted by AC Nielsen, Buyung Poetra Sembada commanded a 35 percent market share in the first half of 2015, up from 27 percent in the same period last year. The compant sells packaged Topi Koki rice to Indonesia's modern retail chains such as Hypermart, Carrefour and Indomaret.
Novita Lubis, Director of Bahana Securities, the pricing of the new shares are based on a price-to-earnings ratio (PE ratio) of 13 - 15.5 times. Net profit of Buyung Poetra Sembada is expected to reach IDR 72 billion (approx. USD $5.2 million) in 2015, while sales are estimated to hit IDR 1 trillion (approx. USD $73 million).
Initial offering of the new shares is scheduled for 18-26 November. The general offering is planned for 10-11 December, while listing on the Indonesia Stock Exchange is scheduled to take place on 16 December.
In the first half of 2015 Buyung Poetra Sembada posted a 9.8 percent (y/y) increase in sales to IDR 339.05 billion. Net profit grew 305.8 percent to IDR 45 billion over the same period.
So far this year, a total of 14 Indonesian companies have been listed on the Indonesia Stock Exchange, far below the initial target of the IDX to see 32 new listings. Other companies that are planning to become a publicly-listed company on the IDX before the year-end are fast-moving consumer goods company Kino Indonesia and construction firm Indonesia Pondasi Raya (Indopora).
Last Update: 29 Mar 2021
IPOs on the Indonesia Stock Exchange up to 18 November 2015
|Company||P: 29 Mar 2021||P: 28 Mar 2021||Gain/Loss||P/E ttm||Yield %||Gain/Loss YTD|
|Bank Yudha BhaktiBBYB||498||494||0.81%||N/A||0.00%||40.68%|
|Mitra Keluarga KaryasehatMIKA||2,720||2,750||-1.09%||N/A||0.00%||4.62%|
|Mitra Energi PersadaKOPI||565||565||0.00%||N/A||0.00%||13.00%|
|PP Properti Tbk.PPRO||75||77||-2.60%||N/A||0.00%||-19.35%|
|Mega Manunggal PropertyMMLP||358||376||-4.79%||N/A||0.00%||24.31%|
|Merdeka Copper GoldMDKA||2,300||2,330||-1.29%||N/A||0.00%||-2.13%|
|Bukaka Teknik Utama Tbk.BUKK||880||870||1.15%||N/A||0.00%||-11.11%|
|Garuda Metalindo Tbk.BOLT||715||710||0.70%||N/A||0.00%||-10.63%|
|Anabatic Technologies Tbk.ATIC||705||665||6.02%||N/A||0.00%||-17.06%|
|Binakarya Jaya Abadi Tbk.BIKA||163||175||-6.86%||N/A||0.00%||-17.26%|
|Bank Harda Internasional Tbk.BBHI||1,285||1,380||-6.88%||N/A||0.00%||33.16%|
|Victoria Insurance Tbk.VINS||111||112||-0.89%||N/A||0.00%||23.33%|
|Mitra Komunikasi Nusantara Tbk.MKNT||50||50||0.00%||N/A||0.00%||0.00%|
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