Construction firm Indonesia Pondasi Raya plans to conduct an initial public offering (IPO) on the Indonesia Stock Exchange in December 2015. The company, better known as Indopora, aims to raise around IDR 530 billion (approx. USD $39 million) by offering 303 million shares, or 15.1 percent of its paid-up capital, at a price ranging between IDR 1,280 and IDR 1,920 per share. This range is based on a price-to-earnings ratio of 8 to 12 times. Kurnia Salim, Head of Institutional Business at Yuanta Securities Indonesia, said Indopora is projected to collect IDR 333 billion (approx. USD $25 million) in net profit in 2016.
Febyan, President Director of Indopora, announced that 40 percent of the proceeds generated from the IPO will be used for capital expenditure in 2016. This includes the purchase and upgrade of fixed assets (operational equipment). Ten percent will be injected into its subsidiary Rekagunatek (a precast concrete producer). About 32 percent will be used as working capital in 2016, while the remainder will be allocated to purchase land.
The company, a foundation specialist, aims to benefit from the government's push for infrastructure development across the nation, seeking to win contracts from state-owned companies but also from the private sector as subcontractor for the construction of foundations.
Indopora, which was established 38 years ago, has been involved in several large projects, such as the LNG Tangguh project in Papua, PLTU Paiton in East Java, the Jakarta International Container Terminal in North Jakarta, Plaza Indonesia Mall, Sampoerna Strategic, Hotel Mulia as well as the embassies of Japan and the USA.
Indopora's profit is projected to grow 20.8 percent to IDR 227 billion in 2015, up from IDR 188 billion in 2014, while revenue is targeted to rise 13.4 percent (y/y) to IDR 1.4 trillion. In 2016, Indopora targets to collect IDR 333 billion in profit and IDR 1.8 trillion in revenue.
Yuanta Securities Indonesia and Minna Padi Investama have been appointed as joint lead underwriters for Indopora's IPO next month. The book-building process will run until 23 November, while the public offering is scheduled for 2-3 December. Listing on the IDX is expected to occur on 9 December.
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. Another company that is planning to become a publicly-listed company on the IDX before the year-end is fast-moving consumer goods company Kino Indonesia.
Last Update: 29 Mar 2021
IPOs on the Indonesia Stock Exchange up to 17 November 2015
|Company||P: 29 Mar 2021||P: 28 Mar 2021||Gain/Loss||P/E ttm||Yield %||Gain/Loss YTD|
|Bank Yudha BhaktiBBYB||498||494||0.81%||N/A||0.00%||40.68%|
|Mitra Keluarga KaryasehatMIKA||2,720||2,750||-1.09%||N/A||0.00%||4.62%|
|Mitra Energi PersadaKOPI||565||565||0.00%||N/A||0.00%||13.00%|
|PP Properti Tbk.PPRO||75||77||-2.60%||N/A||0.00%||-19.35%|
|Mega Manunggal PropertyMMLP||358||376||-4.79%||N/A||0.00%||24.31%|
|Merdeka Copper GoldMDKA||2,300||2,330||-1.29%||N/A||0.00%||-2.13%|
|Bukaka Teknik Utama Tbk.BUKK||880||870||1.15%||N/A||0.00%||-11.11%|
|Garuda Metalindo Tbk.BOLT||715||710||0.70%||N/A||0.00%||-10.63%|
|Anabatic Technologies Tbk.ATIC||705||665||6.02%||N/A||0.00%||-17.06%|
|Binakarya Jaya Abadi Tbk.BIKA||163||175||-6.86%||N/A||0.00%||-17.26%|
|Bank Harda Internasional Tbk.BBHI||1,285||1,380||-6.88%||N/A||0.00%||33.16%|
|Victoria Insurance Tbk.VINS||111||112||-0.89%||N/A||0.00%||23.33%|
|Mitra Komunikasi Nusantara Tbk.MKNT||50||50||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