IPC Terminal in Tanjung Priok, Jakarta - Photo by TheInsiderStories

JAKARTA (TheInsiderStories) – The new comer in stock exchange, PT Indonesia Kendaraan Terminal (IKT) set up the initial public offering’s (IPO) price in the range Rp1,610 to Rp2,250 a piece, said the company in Monday (29/05). The subsidiary of state-owned port operator PT Pelabuhan Indonesia II (Pelindo II) to raise up to 1.26 trillion (US$90 million) from the IPO.

The company also known as IPC Car Terminal offers as much as 561.10 million shares or 30 percent of enlarge capital to the public. The funds will be used for capital expenditure, rental of assets of the holding company and for working capital.

The book-building of the IPO will take place from May 24 to June 22, 2018. And the pricing is expected on June 25, while the listing of shares in the Indonesia Stock Exchange (IDX) is scheduled for July 10.

IKT is a terminal which is specially cultivated commercially to provide vehicle terminal service. The services include Stevedoring, Cargodoring, Receiving, and Delivery. It also serves other services Vehicle Processing Center and Equipment Processing Center.

The company was established as a separate business entity on Nov. 5, 2012 with percentage ownership of Pelindo II of 99 percent and PT Multi Terminal Indonesia at 1 percent. Prior to becoming a separate business entity, IKT was only a strategic business unit called Tanjung Priok Car Terminal under its head office and operated since June 2007.

Plentiful subsidiaries of state-owned enterprises (SOEs) ready to go IPO followed President Joko Widodo instruction to utilize capital market to get fresh funds. In the meeting with the capital market players at IDX on July 4, Widodo expect the capital inflow to Indonesian capital market could grow double this year compared to last year worth of Rp126 trillion (US$9.00 billion) followed the positive momentum after Fitch Ratings, Moody’s, then Standard & Poors put Indonesia on the investment grade.
To improve the market capitalization of IDX, President urged SOEs and foreign firms with their operations in Indonesia also list their shares and other instrument on the local bourse.
US$1: Rp14,000 
Email: linda.silaen@theinsiderstories.com