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Jasa Armada offers IPO shares at Rp 325 to Rp 530
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A ship owned by PT Jasa Armada Indonesia assists another to dock at Tanjung Priok Port in North Jakarta on Oct. 11. (tempo.co/Tony Ha)
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T Jasa Armada Indonesia, a subsidiary of state-owned port operator PT Pelabuhan Indonesia II (Pelindo II), has set its initial public offering (IPO) price at Rp 325 (2.41 US cents) to Rp 530.
Through the IPO, the company will release 1.74 billion shares or equivalent to 30 percent of its total paid-up capital, which means that it is targeting to book a maximum of Rp 924.31 billion in fresh funds.
Jasa Armada president director Dawam Atmosudiro said the firm would use 90 percent of the IPO proceeds for its capital expenditure and 10 percent as working capital.
“The IPO proceeds will be used for capital expenditure for expansion purposes,” Dawam said during the company’s press conference in Jakarta on Tuesday.
Over the next two years, Jasa Armada plans to purchase 15 to 16 new fleets.
It has appointed PT Danareksa Sekuritas and PT Mandiri Sekuritas as joint lead underwriters. Meanwhile, it appointed PT RHB Sekuritas Indonesia as underwriter.
Jasa Armada’s book building period will take place from Nov. 28 to Dec. 5. It is expected to obtain an effective statement from the Financial Services Authority (OJK) on Dec. 13.
The IPO will take place on Dec. 15 to 18, while the initial listing of the shares is expected to be carried out on Dec. 22. (bbn)
