JAKARTA. PT Bintang Samudera Mandiri Lines Tbk (BSML) would begin its initial public offering (IPO) to raise funds of IDR 55.51 billion at most.
The total shares to be publicly issued would amount to 370.05 million shares, equivalent to 20% of BSML’s entire issued and paid-up capital. Each share is valued at IDR 25 and would be offered from IDR 100 to IDR 150.
The book-building period for BSML’s IPO is scheduled from November 16 to 25, 2021. The electronic distribution of the shares would take place on December 13, 2021, while the listing in Indonesia Stock Exchange would follow on December 14, 2021.
In the published IPO proscpectus, BSML is said to utilise 70% of the IPO proceeds to enhance its working capital. Meanwhile, 15% of the proceeds would be channelled as loans to its subsidiary. Another 15% would be spent on paying back some bank debts.
To provide further details, BSML is a domestic sea freight company established in 2009. The company successfully scored IDR 29.29 billion by the end of the first half of 2021. Additionally, its total assets were reported to reach IDR 212.95 billion as of June 30, 2021.
Until June 16, 2021, PT Goldfive Investment Capital was still reported as the controlling shareholder of 67.50% of BSML’s shares. Then, Nengah Rama Gautama, BSML’s commissioner, claimed another 17.50%, while other directors shared the remaining portion. (KR/ZH)