IPO Ateliers Mecanique D'Indonesie (Atmindo) on the Indonesia Stock Exchange
Ateliers Mecanique D'Indonesie, better known as Atmindo, will offer 240 million new shares, equivalent to 22.2 percent of the company's enlarged capital, to the public for a price of IDR 120-140 per share in an initial public offering (IPO) on the Indonesia Stock Exchange in December 2015. Through this corporate action, the boiler manufacturer targets to raise up to IDR 33.6 billion (approx. USD $2.5 million). The setting of the share price in the IPO is based on a price-to-earnings ratio of 8.0 - 9.3 times.
Rudy Susanto, President Director of Atmindo, said 32 percent of proceeds from the IPO will be used to strengthen the company's working capital (to enhance production of boilers and auxiliaries) and the remainder will be used to repay debt to the HSBC Bank. Currently, the company has a IDR 50 billion (approx. USD $3.6 million) debt at this bank. After the IPO, Atmindo plans to pay off 50 percent of this debt in order to limit costly interest expenses.
Lead underwriter for the offering is Panin Sekuritas. The book-building process will be conducted between 18-23 November, the general offering between 1-3 December, and listing on the Indonesia Stock Exchange is scheduled for 9 December.
Atmindo, which has more than 40 years' experience, manufactures boilers for industrial steam, processed heat and power generation. Its boilers are widely used to produce steam in palm oil plants and power stations (using coal or biomass). Susanto said greatest boiler demand now comes from the palm oil industry. Up to 2020, Indonesia's palm oil industry is estimated to require 1,200 new boilers.
So far this year, a total of 14 Indonesian companies have been listed on the Indonesia Stock Exchange, far below the initial target of the IDX to see 32 new listings. Other companies that are planning to become a publicly-listed company on the IDX before the year-end are fast-moving consumer goods company Kino Indonesia, construction firm Indonesia Pondasi Raya (Indopora), and rice producer Buyung Poetra Sembada.
Last Update: 29 Mar 2021
IPOs on the Indonesia Stock Exchange up to 18 November 2015
| Company | P: 29 Mar 2021 | P: 28 Mar 2021 | Gain/Loss | P/E ttm | Yield % | Gain/Loss YTD |
| Bank Yudha BhaktiBBYB | 498 | 494 | 0.81% | N/A | 0.00% | 40.68% |
| Mitra Keluarga KaryasehatMIKA | 2,720 | 2,750 | -1.09% | N/A | 0.00% | 4.62% |
| Mitra Energi PersadaKOPI | 565 | 565 | 0.00% | N/A | 0.00% | 13.00% |
| PP Properti Tbk.PPRO | 75 | 77 | -2.60% | N/A | 0.00% | -19.35% |
| Puradelta LestariDMAS | 232 | 238 | -2.52% | N/A | 0.00% | 0.87% |
| Mega Manunggal PropertyMMLP | 358 | 376 | -4.79% | N/A | 0.00% | 24.31% |
| Merdeka Copper GoldMDKA | 2,300 | 2,330 | -1.29% | N/A | 0.00% | -2.13% |
| Bukaka Teknik Utama Tbk.BUKK | 880 | 870 | 1.15% | N/A | 0.00% | -11.11% |
| Garuda Metalindo Tbk.BOLT | 715 | 710 | 0.70% | N/A | 0.00% | -10.63% |
| Anabatic Technologies Tbk.ATIC | 705 | 665 | 6.02% | N/A | 0.00% | -17.06% |
| Binakarya Jaya Abadi Tbk.BIKA | 163 | 175 | -6.86% | N/A | 0.00% | -17.26% |
| Bank Harda Internasional Tbk.BBHI | 1,285 | 1,380 | -6.88% | N/A | 0.00% | 33.16% |
| Victoria Insurance Tbk.VINS | 111 | 112 | -0.89% | N/A | 0.00% | 23.33% |
| Mitra Komunikasi Nusantara Tbk.MKNT | 50 | 50 | 0.00% | N/A | 0.00% | 0.00% |
| Combined Total | 10,657 | 10,792 | -1.25% | 2.90% |
Green colour indicates upward movement
Red colour indicates downward movement
P = price; E = earnings; D = dividend; Yield = D/P
"N/A" indicates P/E < 0 (negative earnings)
"-" indicates E,D,P or YTD is not available
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