JAKARTA (TheInsiderStories) – Indonesian plantation firm, PT Triputra Agro Persada is gearing up to list its shares (IPO) at the local bourse, said the people closed to the deal. The company its estimating could raise around around US$500 million from the IPO.
Since 2012, the company owned by Rahmat and Subianto family, also backed by Singapore’ GIC and Northstar Group, has expressed its intention to list part of the company shares on the Indonesia Stock Exchange (IDX). Both tycoons are former directors of publicly listed, PT Astra International Tbk (IDX: ASII).
The Group involved in the palm oil and rubber plantations, which is located in 13 districts in four provinces across the country, including Jambi, East Kalimantan, Central and West Kalimantan. The producer has total oil palm and rubber land concessions 300 thousand hectares, of which 120 thousand hectares have been planted.
In addition to plantations, the company also has five crude palm oil factories in Kalimantan and Sumatra with a capacity of 323,000 tons per year.
This year, the IDX is targeting 76 companies will offer various instruments in the stock market. According to the president director, Inarno Djajadi, the instrument consist of share, corporate bond, asset-backed securities, exchange-traded fund, real estate investment trust and infrastructure investment fund.
Of total, 60 companies will conduct an IPO, higher than last year target 57 companies. To support the target, he asserted, the IDX will conduct an alternative market operator, product and new stock exchange service.
As an initial step, the self regulatory office, will develop new ETP platform for bond trading. Then, derivative products, including structured warrants, index futures, single stock future and optimization of ETF trading.
The development of new services is carried out through the development of an electronic public offering system (e-IPO), the development of Securities Lending and Borrowing, the development of new industry classifications, enhancing trading system technology and increasing efficiency of developing trading systems.
Beside, Djajadi said, the bourse also continues to support the strengthening of the investor. He added, the regulator will continue to explore potential companies to raise funds through the stock market. Until 2022, IDX is optimistic that they will pursue 1,000 new listed companies.
He believed, with the current number of 676 issuers, the target can be pursued if the bourse is able to capture at least 100 issuers per year. This number is not only IPO, but include mutual funds exchange traded fund, Real Estate Investment Funds, and infrastructure investment funds in the form of collective investment contracts.
Earlier, chairman of Financial Service Authority (FSA), Wimboh Santoso, sees the direct investment will go to Indonesian financial market could reached Rp190 trillion ($13.57 billion) in this year.
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