JAKARTA (TheInsiderStories) – PT Optima Prima Metal Sinergi Tbk (IDX: OPMS), a scrap ship metal company will conduct an initial public offering (IPO) by releasing 400 million shares or 40 percent shares to the public at a price range of Rp125-Rp135 a share, said management to the media in Jakarta, Monday (8/26). The company was aiming to fund around Rp54 billion (US$3.8 billion) of the IPO.
The company’s listing on the Indonesia Stock Exchange (IDX) will take place in September 2019. PT Sinarmas Sekuritas will be the underwriter for the company’s IPO. Director of Optima Prima Metal Sinergi Meilyna Widjaja said after deducting related emission costs, all funds will be used to increase working capital and to purchase of used vessels which will be used as scrap.
“IPO is indeed the most appropriate step to enlarge our business and at the same time broadly introduce the scrap iron industry to the domestic steel industry,” she said.
According to her, the construction and manufacturing industries which are the main consumers of basic metals will continue to grow. Likewise, distribution of infrastructure development outside Java, such as the construction of power plant transportation infrastructure and dams, has had a very good effect on the metal sector. These industries will affect significantly to Optima Prima’s business.
Meanwhile, the company’s finance director Alan Priyambodo Krishnamurti said fundamentally the company’s business continued to increase. Per April 2019, the company’s sale rose 44.2 percent to Rp35.2 billion from Rp24.4 billion in April 2018. The sales contributed to the company’s net profit which recorded Rp2.13 billion in April 2019. Furthermore, total assets as of April 2019 were Rp81.61 billion.
Krishnamurti added that the market opportunity in the steel industry is very large which will certainly support the Optima Prima Metal Sinergi business growth. The manufacturing sector, especially base metals, has continued to grow positively.
Beside Optima Prima Metal Sinergi, for the second half of this year, IDX’ director I Gede Nyoman Yetna said 15 companies ready to hold an IPO. The companies have considered going IPO is mining company PT Dana Brata Luhur trade services company PT Itama Ranoraya, property companies such as PT Bhakti Agung Propertindo, PT Dynatal Tatapersada Sampurna, PT Nusantara Almazia, and PT Alamanda Investama.
Then, from the basic industrial sectors like PT Saraswanti Anugerah Makmur, PT Trinitan Metals and from various industry company namely PT Gaya Abadi Sempurna, PT Ifishdeco, and the service company PT Meka Adipratama.
He said, one company now in the process to list its shares on August 20 engaged, PT Kencana Energi Lestari. The power producer offered 977.68 million shares or as much as 25 percent of issued and paid-up capital with indicative price ranges Rp250 to Rp420 each. The company targeting to raise fresh funds up to Rp410 billion.
Until August 2, said Yetna, 32 companies have been listed at the IDX, bringing the total number of listed companies to 649 companies with market capitalization Rp7,205 trillion. There are also six new Exchange Traded Funds, two Real Estate Investment Funds, and one DInfra.
Left one quarter, IDX’ President Director Inarno Djajadi remains optimistic the number of new issuers reached 75 companies in this year, same as the number of companies that IPO in 2018.
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