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AKARTA: Seismic survey services firm PT Gelombang Seismic Indonesia aims to offer 150 million shares that are equivalent to 42.86 percent of its enlarged capital in an initial public offering (IPO).

The bookbuilding period will take place from July 15 to 27, while the offering is expected on August 4 to 6 and allotment on August 10. The shares are expected to go on their debut at the Indonesia Stock Exchange (IDX) on August 13.

Panca Global Securities has been appointed to underwrite the IPO, according to the company'€™s announcement as reported by Kontan.co.id.

Seventy percent of proceeds from the IPO will be used as the company'€™s capital expenditure (capex) to procure new seismic data recording equipment and enhanced 3D survey equipment. Meanwhile, the remaining 30 percent will be used to boost the company'€™s working capital to fund its existing contracts.

Gelombang Seismic is currently owned by Benjamin Dwijanto (19.2 percent), Surjo Tedjono (19.2 percent), Hindarto Suharjo (19.2 percent), Jeffrey Tamara (19.2 percent), Barita Sihombing (9.6 percent), Wahyudie Budi Setyanto (9.6 percent) and Tjong Tek Siong (4 percent).

Gelombang Seismic recorded US$6.05 million in revenues at the end of 2014, down from $9.12 million in 2013. Net profits reached $195,143 last year, down from $232,753. The company'€™s assets reached $10.45 million with $8.12 million in liabilities. '€” JP