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Bigger is better: Indonesian SMEs set sights on IDX
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Maxi's Sweet Potatoes chips (PT Maxindo Karya Anugerah/-)
M
ore Indonesian small and medium enterprises (SMEs) are embarking on a journey to become listed companies in what analysts describe as a better way to grow and expand their businesses, rather than relying on traditional bank loans or internal cashflows.
PT Maxindo Karya Anugerah, which produces tropical roots-based snacks under the brand Maxi, plans to be listed on June 12 with the company aiming to raise up to Rp 110 billion on the Indonesia Stock Exchange (IDX).
Starting as a home industry in Bogor, West Java, more than 40 years ago, the company now owns two factories and serves consumers in the United States, Europe, Australia and China.
Maxi is one of many SMEs embarking on becoming a listed company.
Prior to Maxi, PT Hassana Boga Sejahtera, which produces baby food, concluded its initial public offering (IPO) in February with the stock ticker NAYZ.
In the past two years, snack producer PT Jaya Swarasa Agung and food franchise holder PT Sari Kreasi Boga, have also concluded their IPOs.
Nafan Aji Gusta Utama, an analyst at Mirae Asset Sekuritas told The Jakarta Post that an IPO provides SMEs with greater “fuel” to expand their products and market, as becoming a listed company opens the way for these companies to acquire the cash needed to grow their businesses.
