Rudy Susanto, President Director of Atmindo, said 32 percent of proceeds from the IPO will be used to strengthen the company's working capital (to enhance production of boilers and auxiliaries) and the remainder will be used to repay debt to the HSBC Bank. Currently, the company has a IDR 50 billion (approx. USD $3.6 million) debt at this bank. After the IPO, Atmindo plans to pay off 50 percent of this debt in order to limit costly interest expenses.

Lead underwriter for the offering is Panin Sekuritas. The book-building process will be conducted between 18-23 November, the general offering between 1-3 December, and listing on the Indonesia Stock Exchange is scheduled for 9 December.

Atmindo, which has more than 40 years' experience, manufactures boilers for industrial steam, processed heat and power generation. Its boilers are widely used to produce steam in palm oil plants and power stations (using coal or biomass). Susanto said greatest boiler demand now comes from the palm oil industry. Up to 2020, Indonesia's palm oil industry is estimated to require 1,200 new boilers.

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, construction firm Indonesia Pondasi Raya (Indopora), and rice producer Buyung Poetra Sembada.

Last Update: 29 Mar 2021
IPOs on the Indonesia Stock Exchange up to 18 November 2015
CompanyP: 29 Mar 2021P: 28 Mar 2021Gain/LossP/E ttmYield %Gain/Loss YTD
Bank Yudha BhaktiBBYB4984940.81%N/A0.00%40.68%
Mitra Keluarga KaryasehatMIKA2,7202,750-1.09%N/A0.00%4.62%
Mitra Energi PersadaKOPI5655650.00%N/A0.00%13.00%
PP Properti Tbk.PPRO7577-2.60%N/A0.00%-19.35%
Puradelta LestariDMAS232238-2.52%N/A0.00%0.87%
Mega Manunggal PropertyMMLP358376-4.79%N/A0.00%24.31%
Merdeka Copper GoldMDKA2,3002,330-1.29%N/A0.00%-2.13%
Bukaka Teknik Utama Tbk.BUKK8808701.15%N/A0.00%-11.11%
Garuda Metalindo Tbk.BOLT7157100.70%N/A0.00%-10.63%
Anabatic Technologies Tbk.ATIC7056656.02%N/A0.00%-17.06%
Binakarya Jaya Abadi Tbk.BIKA163175-6.86%N/A0.00%-17.26%
Bank Harda Internasional Tbk.BBHI1,2851,380-6.88%N/A0.00%33.16%
Victoria Insurance Tbk.VINS111112-0.89%N/A0.00%23.33%
Mitra Komunikasi Nusantara Tbk.MKNT50500.00%N/A0.00%0.00%
Combined Total10,65710,792-1.25%2.90%

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