Market Update: IPOs on the Indonesia Stock Exchange in 2013
Five more new public listings are expected on the Indonesia Stock Exchange (IDX) in the remainder of 2013 despite the current less rosy macroeconomic environment in Indonesia. The companies that are expected to conduct their initial public offering (IPO) are Indomobil Multi Jasa, Dwi Aneka Jaya Kemasindo, Blue Bird, Soechi Lines, and Sawit Sumbermas Sarana. So far this year, 26 Indonesian companies went public on the IDX. At the start of the year, the IDX targeted for at least 30 new listings in 2013.
Conducting an IPO on the Indonesia Stock Exchange in 2013 entailed risks as can be seen from the stock performance of most new listed companies (see table at the bottom of this page). In particular companies that went public in the second half of 2013 had to deal with falling shares amid a slowing domestic economy. Economic growth continued to slow to 5.62 percent in the third quarter, while inflation has been high since the government increased prices of subsidized fuels in late June, and the rupiah has been depreciating sharply against the US dollar (approximately 17 percent in 2013). Yesterday (12/11), the central bank of Indonesia (Bank Indonesia) raised its benchmark interest rate by 25 bps to 7.50 percent.
Two of the five companies that are expected to conduct their IPOs in the remaining months of 2013 have confirmed the listing dates. These two companies are Indomobil Multi Jasa and Dwi Aneka Jaya Kemasindo.
Indomobil Multi Jasa
Indomobil Multi Jasa, a financing company and subsidiary of car distributor Indomobil Sukses Internasional (IMAS), plans to offer 1.29 billion new shares, equivalent to 25 percent of the company's enlarged capital. The company aims to raise about IDR 800 billion (USD $70.2 million) through this corporate action.
Jusak Kertowidjojo, President Director of Indomobil Multi Finance, said that all funds - generated through the IPO - will be transferred to two subsidiaries: CSM Corporatama (Indorent) and Indomobil Finance Indonesia (IMFI). About 60 percent of the proceeds will be used for business expansion of both subsidiaries, while the remainder will be channeled to Indorent for working capital.
In the first six months of 2013, Indomobil Multi Jasa posted net profit of IDR 71.43 billion (USD $6.3 million), a 12.8 percent increase from the same period last year. The company's revenues rose 12.9 percent to IDR 615.2 billion (USD $54.0 million) in the same period.
On 5 December 2013, Indomobil Multi Jasa is expected to be listed on the IDX. Underwriters of the IPO are CIMB Securities Indonesia, Deutsche Securities Indonesia, DBS Vickers Securities Indonesia, Kresna Graha Sekurindo and Buana Capital.
Being a financing company, Indomobil Multi Jasa will feel the impact of the higher inflation and interest rate environment in Indonesia in recent months. Inflation is expected to accelerate to 9.0 percent (yoy) by the end of 2013, while Bank Indonesia has gradually raised its BI rate from 5.75 percent to 7.50 percent since June.
Dwi Aneka Jaya Kemasindo
Dwi Aneka Jaya Kemasindo, a leading player in indonesia's offset printing industry and corrugated packaging, will release 642.8 million shares through its IPO on the IDX and targets to raise IDR 400 billion (USD $35.1 million).
According to the company's prospectus, 60 percent of the proceeds generated through the IPO will be used as working capital, while the remainder will be used for capital expenditure to increase production capacity.
The listing on the IDX is expected on 11 December 2013. The underwriter of the IPO is NISP Sekuritas.
Last Update: 29 Mar 2021
Initial Public Offerings in 2013
|Company||P: 29 Mar 2021||P: 28 Mar 2021||Gain/Loss||P/E ttm||Yield %||Gain/Loss YTD|
|Bank Maspion Indonesia Tbk.BMAS||750||805||-6.83%||N/A||0.00%||75.23%|
|Multipolar Technology Tbk.MLPT||1,195||1,165||2.58%||N/A||0.00%||36.57%|
|Pelayaran Nasional Bina Buana RayaBBRM||50||50||0.00%||N/A||0.00%||0.00%|
|Saraswati Griya LestariHOTL||50||50||0.00%||N/A||0.00%||0.00%|
|Sarana Meditama Metropolitan Tbk.SAME||432||458||-5.68%||N/A||0.00%||15.51%|
|Multi Agro Gemilang PlantationMAGP||50||50||0.00%||N/A||0.00%||0.00%|
|Electronic City IndonesiaECII||1,050||1,100||-4.55%||N/A||0.00%||10.53%|
|Trans Power Marine TPMA||1,035||1,040||-0.48%||N/A||0.00%||26.99%|
|Steel Pipe Industry of IndonesiaISSP||194||195||-0.51%||N/A||0.00%||-27.07%|
|Dyandra Media InternationalDYAN||103||100||3.00%||N/A||0.00%||74.58%|
|Austindo Nusantara JayaANJT||700||690||1.45%||N/A||0.00%||-1.41%|
|Bank Nationalnobu Tbk.NOBU||775||795||-2.52%||N/A||0.00%||1.97%|
|Mitra Pinasthika Mustika Tbk.MPMX||585||595||-1.68%||N/A||0.00%||15.84%|
|Apexindo Pratama DutaAPEX||394||382||3.14%||N/A||0.00%||-44.90%|
|Dharma Satya NusantaraDSNG||615||635||-3.15%||N/A||0.00%||2.50%|
|Sri Rejeki IsmanSRIL||206||214||-3.74%||N/A||0.00%||-18.90%|
|Saratoga Investama SedayaSRTG||5,375||5,375||0.00%||N/A||0.00%||35.39%|
|Nusa Raya Cipta Tbk.NRCA||338||338||0.00%||N/A||0.00%||-8.65%|
|Victoria Investama Tbk.VICO||126||133||-5.26%||N/A||0.00%||53.66%|
|Bank Mestika Dharma Tbk.BBMD||1,380||1,380||0.00%||N/A||0.00%||-4.17%|
|Siloam International HospitalsSILO||4,890||4,800||1.87%||N/A||0.00%||-9.44%|
|Arita Prima IndonesiaAPII||178||178||0.00%||N/A||0.00%||-15.24%|
|Grand Kartech Tbk.KRAH||436||436||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