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Logindo hopes to raise Rp 715b in IPO
Set for another sale: PT Logindo Samudramakmur vice president director Mok Weng Vai (from left), president director Eddy K
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Set for another sale: PT Logindo Samudramakmur vice president director Mok Weng Vai (from left), president director Eddy K. Logam and director Rudy K. Logam are present at the public announcement of the companyâs plan for an initial public offering at Mulia Hotel Senayan in Jakarta on Thursday. (JP/R. Berto Wedhatama) (from left), president director Eddy K. Logam and director Rudy K. Logam are present at the public announcement of the companyâs plan for an initial public offering at Mulia Hotel Senayan in Jakarta on Thursday. (JP/R. Berto Wedhatama)
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span class="inline inline-none">Set for another sale: PT Logindo Samudramakmur vice president director Mok Weng Vai (from left), president director Eddy K. Logam and director Rudy K. Logam are present at the public announcement of the company's plan for an initial public offering at Mulia Hotel Senayan in Jakarta on Thursday. (JP/R. Berto Wedhatama)
Shipping company PT Logindo Samudramakmur plans to sell shares to the public to finance it's expansion program, it announced on Thursday.
The Jakarta-based firm hopes to generate between Rp 541.18 billion (US$46.87 million) and Rp 715.12 billion by selling a maximum of 193.28 million shares to the public during an initial public offering (IPO), scheduled for Dec. 5 to 6.
The shares will represent around 30 percent of its enlarged shares and their price is set at between
Rp 2,800 and Rp 3,700 apiece. It would then use 60 percent of the IPO funds as capital expenditure (capex), 30 percent to refinance its loans and the remainder as working capital, according to Logindo president director Eddy Kurniawan Logam.
It has appointed PT UOB Kay Hian Securities and PT RHB OSK Securities Indonesia as underwriters for the IPO. The bookbuilding period will run until Nov. 22 and the company is slated to list the shares on the Indonesia Stock Exchange (IDX) on Dec. 11.
At the moment, Logindo, which claims to offer integrated offshore marine services, is 49 percent controlled by Singapore-based Alstonia Offshore Pte. Ltd., 25.5 percent by Rudy Kurniawan Logam, 20.4 percent by Eddy and 5.1 percent by Merna Logam. Alstonia itself is wholly owned by Singapore-listed Pacific Radiance, an offshore oil field services provider.
Logindo operates in East Kalimantan province and currently has 58 vessels. 'We are looking to receive one more vessel before year-end,' Eddy said.
According to Logindo chief financial officer and corporate secretary Sundap Carulli, the company has allocated a total of $80 million to its 2014 capex budget as it plans to purchase between four and five mid- and large-sized vessels to support its growing operations.
Around 30 percent of the budget will come from the IPO funds and the remaining 70 percent will be sourced from bank loans.
'We haven't signed any loan facilities with banks, but we are keeping in touch with a Singaporean bank, which provided loans for our vessel purchases in the past,' he said.
The upcoming vessels are expected to boost Logindo's revenues next year by around 40 percent, equal to around $81.13 million. In 2013, the company aims to post at least $57.95 million in revenue.
Within the first six months of this year, Logindo already reaped almost half of the revenue target. The first half achievement, $25 million, jumped 65.6 percent from the same period a year ago. Meanwhile, its net profits soared 81.1 percent year-on-year to $7.21 million.
By the end of June, the company's total assets amounted to $159.03 million. Its liabilities and equities reached $101.12 million and $57.91 million, respectively.
