JAKARTA (TheInsiderStories) - Indonesia rice producer with Topi Koki brand, PT Buyung Poetra Sembada (BPS) and boiler manufacturer PT Ateliers Mecanique D’Indonesie (Atmindo) will list their shares in December, both companies said.
BPS plans to raise up to Rp 355 billion ($25.78 million) from the initial public offering (IPO). The company has set the offering date on Dec. 10-11 and followed by listing on the Indonesia Stock Exchange (IDX) on Dec. 16. The company has appointed Bahana Securities as its underwriter.
Buyung Putra president director Sukarto Bujung, said the company plans to sell 710 million shares, or 30.08 percent of its enlarged capital, with price range between Rp 420 and Rp 500 each.
The company is targeting to earn Rp1 trillion in sales this year, with projected net income of around Rp70 billion. Buyung Poetra was established in 1977 as a rice wholesaler in Palembang, South Sumatra.
While, Atmindo plans to offer 240 million shares or 22.22 percent of its enlarged capital to the public, with an aim to raise up to Rp 33.6 billion.
Atmindo is set the offering date on Dec. 1-3 and followed by listing on the Indonesian Stock Exchange on Dec. 9. The company has appointed Panin Sekuritas as lead underwriter of the IPO.
Atmindo President Director Rudy Susanto said the proceeds of the IPO will be allocated to pay back around Rp22 billion of total Rp 50 billion outstanding debts to HSBC.
Atmindo produces boiler units that are used widely to produce steam in palm oil manufacturing and power generations.
The company’s main customers now are palm oil producers, meeting an estimated demand of 1,200 boilers over the next five years.
Beside the two companies, other companies that are planning to sell shares via IPO for the remainder of the year are a building foundation specialist company PT Indonesia Pondasi Raya Tbk (Indopora), food & beverage producer PT Kino Corporation, internet provider PT Internux and PT Vallianz Offshore Maritim, which provides supporting services for offshore oil and gas companies.
The planned new listings will be in addition to the 15 companies that have already floated their shares on the stock exchange so far in this year.
Indopora is targeting to raise Rp581.76 billion ($42.78 million) from initial public offering in December. The number of shares to be listed reach 303 million units or 15.13 percent of its enlarged capital at a price range of Rp1,280 – Rp1,920 per share.
The company sets the offering date on Dec. 2-3 and followed by listing on Dec. 9. The company has appointed PT Yuanta Securities Indonesia and PT Minna Padi Investama Tbk as underwriters for the IPO.
Kino Corporation is also reportedly planning raise up to $150 million in IPO proceeds. The company has appointed Deutsche Bank to help arrange the IPO.
Meanwhile, Vallianz Offshore Maritim, a subsidiary of Singapore-listed Vallianz Holding Ltd plans to sell up to 20 per cent stakes in its upcoming IPO.
Internux, the Lippo Group-affiliated operator of the Bolt mobile broadband service, plans to sell up to 25 per cent of the company’s shares, with a target to raise Rp750 billion in IPO proceeds.
President Joko Widodo’s administration had revised a president decree on income tax for listed companies on August 3, to encourage more local companies to list in the local bourse.
The President had signed into effect Government Regulation No 56/2015, that allows eligible companies to pay a 20 per cent corporate income tax. Currently, the corporate income tax rate stands at 25 per cent.
The new regulation is expected to boost the capital market as a source of financing for Indonesia-based businesses, as well increase the number of listed companies and public ownership in listed companies.
Companies must have at least 300 investors and have 40 per cent of its shares floated on the stock market to be eligible for the tax cut, which came into effect on Aug 4. The Finance Ministry will soon issue related guidelines to implement the corporate tax income discount. (*)