IMC Group is planning to list two of its Indonesian operations – Pelita Samudera Shipping (PSS Logistics) and Nusa Indah Kalimantan Plantations – on the regional bourse within the next two years.
PSS Logistics has already started the process for its initial public offering (IPO) and aims to list on the Indonesia Stock Exchange (IDX) in this month , while Nusa Indah is targeting to go public in 2019.
PSS Logistics is slated to provide up to 1 billion new shares which will be representing 20 percent of the enlarged capital. According to sources, about 1 percent will also be offered to company employees and 4.73 percent to the management.
BCA Sekuritas has been appointed as the sole underwriter. The unit’s bookbuilding period has already started yesterday and will end on November 13, with the effective date estimated on November 23.
Established in 2007, PSS is headquartered in Jakarta and has two branch offices in Samarinda and Banjarmasin. PSS provides customized services for the bulk commodity supply chain with fleets of Floating Loading Facilities (FLFs), Tugs and Barges, and Floating Bulk Unloader.
With the capital, PSS will use 60 percent of IPO funds for capital expenditure and business expansion, 20 percent for working capital, and the remainder 10 percent to cover part of their debt and bank loans. The company also plans to purchase a mother vessel valued at $800 million to strengthen its fleet.
PSS reported a total asset value of $70 million as on June 30, 2017 – including ownership of 35 ships which have an average capacity of 20,000 dwt (deadweight).
The firm’s revenue year-on-year grew by 43.6 percent, from $19.85 million to $13.83 million. Meanwhile, net profit was reported to stand at $207,925, a surge from a net loss of $8.03 million in the first half of last year.