JAKARTA (TheInsiderStories)–Indonesian palm oil company PT Andira Agro Tbk eyes Rp100 billion (US$6.83 million) from initial public offering (IPO) in August 2018.

Andira Agro will offer 500 million shares and set a price at Rp200 per share so that the company will get funds of Rp100 billion. The company targets its listed in Indonesia Stock Exchange (IDX) on August 16, 2018.

PT Victoria Sekuritas Indonesia serves as executing securities guarantor.

Prior to the IPO, PT Central Energi Pratama (CEP) owned 67.88 of Andi Agro’s share, while remaining 32.12 percent shares owned by PT Anugerah Perkasa (APS). However, APS owns 99.90 percent of CEP shares.

Andira Agro has palm concession areas of 12,172 hectares with nucleus plantation of 5,463 hectares and plasma plantation of 4,668 hectares.

Andira will be the 33rd companies that listed in the IDX since the beginning of this year. The last company listed in the IDX was PT MD Pictures Tbk (IDX: FILM).

The film producer owned by Punjabi’s family offered 1.307 billion shares representing 13.75 percent of capital in the IPO and issued mandatory convertible bond.

Indonesia’s stock market has collected Rp11.97 trillion from IPO with 30 listed companies from January to July 2018, according to the Financial Service Authority (FSA). It higher than IPO in the same period last year that reached 38 listed companies but only bring funds of Rp9.60 trillion.

In addition, there are still around 17 companies that have plans to conduct IPO this year.

FSA targets to raise a fund of Rp250 trillion in the capital market this year, a stagnant target compare to last year realization of Rp254.51 trillion. The realization by August 9, 2018, reached Rp111.22 trillion, of which Rp12.27 trillion from IPO.

Email: fauzulmuna@theinsiderstories.com