Indonesian electricity producer Megapower Makmur was added to the Indonesia Stock Exchange on Wednesday (05/07), hence becoming the 19th company to have conducted an initial public offering (IPO) in Indonesia this year. After trading opened the company immediately became the top gainer on the local exchange, with its shares surging 70 percent to IDR 340 a piece. As a result the auto rejection system kicked in, blocking any further movements.
Through the IPO Megapower Makmur offered 245 million shares to the public for the offering price of IDR 200 (approx. USD $0.02) per share. Through this corporate move it collected IDR 49 billion (approx. USD $3.68 million) worth of new funds. Kang Jimmi, President Director of Megapower Makmur, said half of these funds will be used for debt settlements, while the other half will be used as working capital for the company's operations. Lead underwriter of the IPO is KGI Sekuritas Indonesia.
Prior to the IPO, shares of Megapower Makmur were owned by Bina Puri Power Sdn Bhd (80.00 percent), Kang Jimmi (12.00 percent), and Low Soon Heng (8.00 percent).
Megapower Makmur, established in 2007, is engaged in the procurement of goods and services for power generation. In 2012 the company became an independent power producer (IPP) that aims to tackle the electricity shortage issue in Indonesia. Since 2010 it is a subsidiary of Bina Puri Holdings Bhd, a company that is listed on Bursa Malaysia Berhad and has decades of work experience in the field of civil engineering and building management, development and property management, toll road concessions, mining, building materials industry, and power plants.
Megapower Makmur currently generates electricity at its 10-hectare dam in Makassar (Sulawesi) for state-owned electricity firm Perusahaan Listrik Negara (PLN).
Kang Jimmi said the company is preparing one or two licenses as well as a study on the construction of a mini-hydro plant in South Sulawesi with a capacity of about 10 megawatts. It hopes to see good progress with these plans before the end of 2017.
Last Update: 23 Jan 2018
IPOs on the Indonesia Stock Exchange up to 5 July 2017
|Company||P: 23 Jan 2018||P: 22 Jan 2018||Gain/Loss||P/E ttm||Yield %||Gain/Loss YTD|
|Forza Land IndonesiaFORZ||760||755||0.66%||N/A||0.00%||-1.30%|
|Industri dan Perdagangan Bintraco DharmaCARS||1,460||1,460||0.00%||N/A||0.00%||6.57%|
|Nusantara Pelabuhan HandalPORT||360||352||2.27%||N/A||0.00%||2.27%|
|Pelayaran Tamarin SamudraTAMU||3,720||3,730||-0.27%||N/A||0.00%||2.20%|
|Cahayasakti Investindo SuksesCSIS||1,780||1,780||0.00%||N/A||0.00%||19.06%|
|Terregra Asia EnergyTGRA||520||525||-0.95%||N/A||0.00%||-4.59%|
|First Indo American Leasing Tbk.FINN||163||177||-7.91%||N/A||0.00%||52.34%|
|Alfa Energi Investama Tbk.FIRE||1,825||1,800||1.39%||N/A||0.00%||36.19%|
|Totalindo Eka Persada Tbk.TOPS||3,730||3,690||1.08%||N/A||0.00%||4.48%|
|Kirana Megatara Tbk.KMTR||472||474||-0.42%||N/A||0.00%||0.85%|
|Hartadinata Abadi Tbk.HRTA||286||286||0.00%||N/A||0.00%||-0.69%|
|MAP Boga Adiperkasa Tbk.MAPB||1,850||1,850||0.00%||N/A||0.00%||-2.37%|
|Armidian Karyatama Tbk.ARMY||300||294||2.04%||N/A||0.00%||0.00%|
|Buyung Poetra Sembada Tbk.HOKI||338||348||-2.87%||N/A||0.00%||-2.31%|
|Marga Abhinaya Abadi Tbk.MABA||1,060||980||8.16%||N/A||0.00%||1.92%|
|Megapower Makmur Tbk.MPOW||282||286||-1.40%||N/A||0.00%||-4.73%|
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