JAKARTA (TheInsiderStories) – PT Bank Tabungan Pensiunan Nasional Syariah Tbk (BTPN Syariah), a subsidiary of Bannk BTPN (IDX:BTPN), as well as telecom tower developer PT Gihon Telekomunikasi Indonesia Tbk, have decided to move ahead with their plan to launch initial public offering (IPO), despite bearish capital market.

The two companies have appointed PT Indo Premier Sekuritas as the underwriter for both IPOs.

BTPN Syariah said it will offer 10 per cent of the company’s shares or 770,370,000 units shares. As much as 1 per cent of the shares will be allocated for employees, under the employee stock allocation (ESA) scheme.

BTPN Syariah is 70 per cent owned by BTPN and the remaining 30 per cent is held by PT Triputra Persada Rahmat. After the IPO, BTPN shares will dilute to 27 per cent, Triputra reduced to 27 per cent, public 10 per cent, including 1 per cent employee stock options.

BTPN Syariah has set offering date on April 10-20, 2018, followed by listing on the Indonesian Stock Exchange on April 26.

Meanwhile, Gihon Telekomunikasi will offer 27.797 per cent of the company’s shares at a price of Rp1,170 per unit. Given the share price, the company expects to raise Rp178.87 billion from the IPO.

Gihon plans to use 51.99 per cent of the IPO proceeds for refinancing its debts to Bank Mandiri, 29.07 per cent for strengthening working capital and 15.56 per cent to develop telecom towers.

The company sets public offering date on March 28-April 1 and is followed by listing on the Indonesian Stock Exchange on April 9.

The two companies are among firms that are planning to list their shares on the Indonesian Stock Exchange in the first quarter. The others are PT Borneo Olah Sarana Tbk, PT Sky Energy Indonesia and PT LCK Global.

Electronic payment provider PT Artajasa Pembayaran Elektronis Tbk, however, was reported to have called off its IPO plan after the company finds other ways to obtain fresh funds. Artajasa initially plan to offer 437.5 million units of shares or 20 per cent of the company’s enlarged capital via the IPO.

Jaya Trishindo Debut
Meanwhile, PT Jaya Trishindo Tbk (IDX:HELI), a helicopter operator, made its debut on the Indonesian Stock Exchange on Tuesday (27/3). The company has offered 30.53 per cent shares to the public at a price of Rp110 per share, enabling the company to raise Rp27.5 billion.

In the morning session, the company’s shares price surged 70 per cent or 77 points to Rp187, prompting the IDX management to halt the shares trading.

Written by Roffie Kurniawan, email: roffien@theinsiderstories.com