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
CompanyP: 29 Mar 2021P: 28 Mar 2021Gain/LossP/E ttmYield %Gain/Loss YTD
Bank Maspion Indonesia Tbk.BMAS750805-6.83%N/A0.00%75.23%
Multipolar Technology Tbk.MLPT1,1951,1652.58%N/A0.00%36.57%
Pelayaran Nasional Bina Buana RayaBBRM50500.00%N/A0.00%0.00%
Saraswati Griya LestariHOTL50500.00%N/A0.00%0.00%
Sarana Meditama Metropolitan Tbk.SAME432458-5.68%N/A0.00%15.51%
Multi Agro Gemilang PlantationMAGP50500.00%N/A0.00%0.00%
Electronic City IndonesiaECII1,0501,100-4.55%N/A0.00%10.53%
Trans Power Marine TPMA1,0351,040-0.48%N/A0.00%26.99%
Steel Pipe Industry of IndonesiaISSP194195-0.51%N/A0.00%-27.07%
Dyandra Media InternationalDYAN1031003.00%N/A0.00%74.58%
Austindo Nusantara JayaANJT7006901.45%N/A0.00%-1.41%
Bank Nationalnobu Tbk.NOBU775795-2.52%N/A0.00%1.97%
Mitra Pinasthika Mustika Tbk.MPMX585595-1.68%N/A0.00%15.84%
Apexindo Pratama DutaAPEX3943823.14%N/A0.00%-44.90%
Dharma Satya NusantaraDSNG615635-3.15%N/A0.00%2.50%
Sri Rejeki IsmanSRIL206214-3.74%N/A0.00%-18.90%
Acset IndonusaACST3283280.00%N/A0.00%-24.42%
Saratoga Investama SedayaSRTG5,3755,3750.00%N/A0.00%35.39%
Nusa Raya Cipta Tbk.NRCA3383380.00%N/A0.00%-8.65%
Semen BaturajaSMBR8858850.00%N/A0.00%-17.67%
Victoria Investama Tbk.VICO126133-5.26%N/A0.00%53.66%
Bank Mestika Dharma Tbk.BBMD1,3801,3800.00%N/A0.00%-4.17%
Siloam International HospitalsSILO4,8904,8001.87%N/A0.00%-9.44%
Arita Prima IndonesiaAPII1781780.00%N/A0.00%-15.24%
Grand Kartech Tbk.KRAH4364360.00%N/A0.00%0.00%
Combined Total22,12022,177-0.26%5.95%

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