IPO Binakarya Jaya Abadi on the Indonesia Stock Exchange
On Tuesday (14/07), construction firm and property developer Binakarya Jaya Abadi became the 11th company to list on the Indonesia Stock Exchange (IDX) in 2015. The company offered 150 million shares, 25 percent of its paid up capital, in an initial public offering (IPO) at an offering price of IDR 1,000 per share, thereby raising IDR 150 billion (USD $11.3 million). Despite weak market sentiments, the company’s shares rose 50 percent on its trading debut on the IDX. RHB OSK Securities was underwriter for the IPO.
Particularly institutional investors were eager to invest in Binakarya Jaya Abadi, traded under ticker symbol BIKA, according to information from RHB OSK Securities. The property company plans to use approximately 45 percent of the IPO proceeds for debt restructuring, 40 percent for capital spending, and the remaining 15 percent for capital spending.
Due to weak market sentiments, brought about by external factors (monetary tightening in the USA, the Greek debt crisis and an asset bubble in China) and domestic factors (slowing economic growth), Binakarya Jaya Abadi cut its IPO offering by 37 percent last week. RHB OSK director Shiantaraga said that Binakarya may issue more new shares when market condition improve.
After the IPO, the shareholder composition of Binakarya Jaya Abadi is as follows: Budianto Halim (34.96 percent), Go Hengky Setiawan (37.03 percent), Leonardo Hans Halim (1.16 percent), Putu Junikayasa (0.84 percent), Elizabeth Jane (0.42 percent), Buniarji Wibisono (0.25 percent), and the public (25.33 percent).
Binakarya Jaya Abadi, which has its head office in West Jakarta, is engaged in construction and property development, investment, trade, manufacturing, services, and ground transportation.
Per 31 December 2014, the company’s total assets stood at IDR 1.73 trillion, up from IDR 1.32 trillion in the preceding year. Meanwhile, total liabilities stood at IDR 1.35 trillion, up from IDR 1.11 trillion one year earlier. Sales from the property sector accounts for around 94 percent of the company’s total sales, while manufacturing contributes about 6 percent to sales. This year the company targets revenue growth of nearly 37 percent (y/y) to become IDR 1.3 trillion. Net profit growth is expected in the range of 20-25 percent (y/y) to IDR 260 billion - IDR 325 billion. In 2014, the company posted net profit of IDR 170 billion.
In 2015 Binakarya Jaya Abadi, affiliated with the Agung Sedayu Group, is engaged in at least four residential projects (Pluit Sea View, Foresque, Paradise Mansion, and Casablanca East Residence) as well as one hotel on Bali. The combined investment required for these projects is IDR 2.19 trillion.
The company's total marketing sales in the first quarter of 2015 are expected to reach IDR 100 billion to IDR 200 billion. Binakarya Jaya Abadi currently has a total of 37 hectares land reserves.
As of 14 July 2015 there are a total 516 companies listed on the Indonesia Stock Exchange.
Last Update: 29 Mar 2021
IPOs on the Indonesia Stock Exchange up to 14 July 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% |
| Combined Total | 9,211 | 9,250 | -0.42% | -0.44% |
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