IPO News Indonesia: Bank Yudha, Mitra Keluarga & Mitra Energi
Three Indonesian companies are expected to conduct an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) in the first quarter of 2015. These companies are Bank Yudha Bhakti, Mitra Keluarga and Mitra Energi Persada. Hoesen, Director of Corporate Valuation at the IDX, said that the listing of Mitra Energi Persada (an oil, gas and coal distributor) is actually a re-listing as the company had de-listed from the Exchange in 2007. The company is expected to offer 11 percent of its enlarged equity to the public.
Mitra Keluarga, the hospital operator of the Kalbe Group, plans to raise up to USD $300 million from its IPO in a move to obtain funds for further business expansion (increasing its network of hospitals). The Kalbe Group is a well-known force in Indonesia’s pharmaceutical industry and healthcare services. The country’s healthcare prospects are growing and therefore the company immediately attracted interest from the USA and Europe when it announced its intention to go public. Mitra Keluarga, which currently operates 11 hospitals in Jakarta, Depok, Bekasi, Tegal, Sidoarjo, and Surabaya, will compete with hospital operator Siloam International Hospitals. Siloam is Indonesia’s largest private hospital operator with revenue reaching IDR 1.4 trillion (USD $111 million) per September 2014. Its shares have increased over 43 percent since it listed on the IDX in September 2013.
Stock Quote Siloam International Hospitals - SILO:
Meanwhile, commercial bank Bank Yudha Bhakti will offer 300 million shares, or 11.9 percent of its enlarged capital, to the public. The company aims to raise IDR 34.5 billion (USD $2.8 million) with the listing planned for 13 January 2015. About 72 percent of the IPO proceeds will be used for credit expansion. The remaining 28 percent are allocated to development of its IT department (to improve services to customers).
The Indonesian government also plans to list several state-owned companies on the IDX in 2015. These include PP Properti, Garuda Maintenance Facility Aero Asia, Perkebunan Nusantara, and PLN Batam.