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Aneka Gas IPO expected next month, eyes US$74.7m
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Aneka Gas Industri president director Rachmat Harsono announces initial public offering (IPO) plans at a press briefing in Jakarta on Monday. (JP/Anton Hermansyah)
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ne of East Java’s leading gas distributors, Samator Group, has announced plans to sell shares of its subsidiary PT Aneka Gas Industri to the public through an initial public offering (IPO) next month, targeting Rp 989 billion (US$74.7 million).
The IPO is scheduled for Sept. 22 at the latest while the stock listing is set to launch at the end of September. Samator will offer 25 percent of shares it owns in Aneka Gas, equating to 766.66 million shares. The offering price range is at Rp 1,000 to 1,290 per unit.
"Forty percent of the funds will be allocated to pay debt, 40 percent for expansion and the last 20 percent for working capital […] We want to reduce interest costs and expand," Aneka Gas president director Rahmat Harsono said on Monday in Jakarta.
Currently, the company operates 80 gas filling stations and wants to grow to 200 stations by 2020. “With 200 filling stations, we hope to win a market share of 30 percent to 40 percent," Rahmat said.
Assuming that the offering price of the initial shares is set at Rp 1,000 per unit, the price to earnings ratio (PER) of the shares will be 16.8 times. Meanwhile, if the price is set at Rp 1,290 per share, the PER will be 21.6 times in 2017.
Aneka Industri will also offer initial shares to global investors in Hong Kong, Singapore and Kuala Lumpur.
By raising fresh funds through the IPO, Rahmat said, the company expected to expand and book Rp 2.4 trillion in sales in 2017, a 33.3 percent increase from the 2016 target of Rp 1.8 trillion. (ags)
