JAKARTA (TheInsiderStories) – PT Transcoal Pasific Tbk will raise funds as much as Rp225 billion (US$16.07 million) from the capital market through an initial public offering (IPO).
Transcoal has appointed two securities as lead underwriters for the IPO, namely PT Investindo Nusantara Sekuritas and PT Jasa Utama Capital Sekuritas.
The coal and logistics service company is ready to release as much as 1.5 billion shares or 27.27 percent of paid up capital after the public offering next mont. Anshy Sutisna, director of of PT Investindo Nusantara Sekuritas as the lead underwriter, said stock price offered in the range Rp110 to Rp150 per share.
Transcoal has launched an initial offering period on May 25-31 and the period of public offering on June 25-26 and to be list in Indonesia Stock Exchange (IDX) in early July.
Director of Transcoal, Richard Talumewo, said in a public expose on May 30/05 that part of the fresh funds from the IPO to strengthening its businesses. Currently, the company has 13 tugboats and 12 barges, one Floating Terminal Station and heavy equipment supporting other operational activities.
Last year, the revenue of Transcoal recorded Rp650.38 billion, up 15 percent from a year earlier. While earnings before interest, taxes, depreciation, and amortization (EBITDA) worth of Rp 153.30 billion, up from 2016 of Rp150.43 billion and 2015 of Rp95.19 billion.
As of December 2017, Transcoal’s assets reached Rp 844.99 billion from the previous year’s Rp 732.17 billion.
Sea transportation and logistics services, including coal transportation, is very wide open in Indonesia. Moreover, coal reserves and other mining products are also still abundant in this country so it becomes an opportunity for transportation services.
PT Perusahaan Listrik Negara‘s need for coal which increases annually becomes a big opportunity in developing the coal logistic business in the country. Moreover, the government also provides facilities and wide opportunities for sea transport business, including coal transportation through Trade Ministry Decree Number 82 year 2017. The regulation requires the use of national vessels for the transport of coal exports.
Transcoal established since 2007 and the businesses is located in Sangatta, Bengalon, East Kalimantan and in Asam-asam, South Kalimantan. The company business is divided into three main lines coal transport, long hauling coal, and transportation of industrial diesel oil or CPO with oil barge.
Throughout this year, there are already seven companies seeking funding through IPO with total emission value of Rp 940 billion. IDX noted, until the end of this year, still about 26 more companies are lining up to register their shares on the stock exchange.