Bank Yudha Bhakti Listed on the Indonesia Stock Exchange
Bank Yudha Bhakti, an Indonesian commercial bank, made its trading debut on the Indonesia Stock Exchange (IDX) on Tuesday (13/01). Shares of the small-sized lender immediately soared nearly 70 percent. The bank, which is listed under the code BBYD, offered 300 million shares (11.9 percent of its equity) to the public for a price of IDR 115 per share thus raising IDR 34.5 billion (USD $2.8 million). The initial public offering (IPO) of Bank Yudha Bhakti is the first IPO on the Indonesia Stock Exchange in 2015.
The bank targets credit growth of 33 percent to IDR 2.66 trillion (USD $213 million) in 2015 supported by targeted third-party funds growth of 21 percent to IDR 2.82 trillion. The company targets profit growth of 170 percent to IDR 48.34 billion in 2015.
Bank Yudha will use 72.14 percent of the IPO proceeds for business development, and the remainder for the development of its IT department (to improve services to customers).
After the IPO, the shareholder composition of Bank Yudha is as follows: Gozco Capital (53.82 percent), the eight cooperative associations of the Indonesian Military and the National Police (25.49 percent), Sugeng Subroto (3.52 percent), the cooperative association of Bank Yudha’s employees (5.24 percent), and the public (11.93 percent).
The Indonesia Stock Exchange aims to list 32 Indonesian companies in 2015.
