Musyanif, President Director of Anugerah Berkah Madani (ABMA Land), added that the company also needs to change the composition of the underwriters for the IPO. Earlier, it had appointed CIMB Securities, Mandiri Sekuritas and RHB Securities Indonesia. However, reportedly, after plans surfaced to cut the IPO these three underwriters resigned. Soon, ABMA Land will announce the new lead underwriter. Under the revised IPO plan, the Jakarta-based property developer should collect up to IDR 2.2 trillion (approx. USD $169 million).

Despite cutting the IPO, the allocation of IPO proceeds is left unchanged. Roughly 87.5 percent of funds generated through the IPO will be used to establish eight property projects in Jakarta, Bogor, Depok, Tangerang, Cilegun, Bekasi and Surabaya (most of the funds are used to finance land acquisition). The remaining 12.5 percent will be used to settle the company's debts.

Musyanif informed that ABMA Land intends to launch two new projects each year in order to boost business. The company is primarily focused on apartment and mixed-use development. This year it targets to see revenue rising by a staggering 234 percent (y/y) to IDR 1.2 trillion from IDR 359.1 billion last year, while profit (after tax) is targeted to reach IDR 460 billion in 2016.

The largest shareholder of ABMA Land is Saligading Bersama, a diversified holding company, established in 2004, with activities in property development, hotel as well as restaurant development, aquaculture, manufacturing, telecommunications, and more.

Meanwhile, fully state-owned airport operator Angkasa Pura I stated that it is preparing the IPOs of its subsidiaries Angkasa Pura Support and Angkasa Pura Logistik. Angkasa Pura I operates 13 airports in the eastern half of Indonesia. However, it remains unknown when the IPOs will take place.

The airport operator also plans to sell conventional and Islamic bonds (sukuk) in November 2016 to build and finance the expansion of five airports. By selling bonds it aims to raise IDR 3 trillion. The book-building period will run until 31 October 2016, while it will offer the bonds from 14 and 15 November (that will be officially listed on the IDX on 21 November).