Shipping Company Trans Power Marine Makes Good Debut on Stock Exchange
Yesterday, Trans Power Marine made a solid debut on the Indonesia Stock Exchange (IHSG). The Indonesian shipping company listed 15 percent of its shares in the initial public offering (IPO) for the price of IDR 230 per share. At the end of the trading day, its shares had surged by 50 percent to IDR 345 (US $0.04). In total, the company gained IDR 90.85 billion (US $9.4 million) through the IPO. These funds will be used to buy new vessels.
Trans Power Marine is a fast growing shipping company that provides logistic solutions. In 2012, about 95 percent of commodities transported by the company was coal. Now, however, the company intends to diversify its business to the transportation of iron sand, sponge iron rotary kiln, clinker and wood chips.