ASDP Will IPO In Third Quarter 2022

Illustration. (Photo: Doc. Antara)

JAKARTA - PT ASDP Indonesia Ferry (Persero) stated that the company will take corporate action in the capital market by releasing some of its shares to the public through an initial public offering (IPO) mechanism.

President Director of PT ASDP Indonesia Ferry (Persero), Ira Puspadewi, said that until the IPO is targeted to be carried out in the third quarter of 2022. The company is still preparing to execute the corporate action.

"Now the process is at the Ministry, in general the Ministry issues a list and recommends it to the competent authority so that we can IPO. Now the process is at the Ministry of SOEs," said Ira, at a media gathering, in Jakarta, Wednesday, December 15.

He explained that to carry out the IPO, his party saw the readiness from two sides, namely the readiness of the company itself and also the readiness of the market to absorb shares.

"The IPO has two sides to the first preparation from ASDP called IPO readyness which we determine in the third quarter of 2022, the second side is market readyness, how big is the marker to grab an IPO from ASDP. Our biggest task is to prepare ASDP readyness, we have collaborated with world-level consultants so that the standards are world-class be a good class consultant," he explained.

On the same occasion, Director of Finance, Information Technology, and Risk Management of PT ASDP Indonesia Ferry (Persero), Djunia Satriawa revealed that his party has also communicated with securities parties related to the IPO.

"This IPO does have ASDP readyness and we are doing it intensively. We also continue to communicate with securities to see the possible market in 2022," he added.

Djunia revealed that the company is eyeing funds of IDR 3.5 trillion to IDR 4 trillion from the IPO. The company will use the funds for working capital.

"The IPO funds are to finance part of the investment for the next 5 years. The focus will be on adding production equipment. Because our target is to increase market share, we will also acquire programs that will be funded by the IPO. IPO funds will also go to ASDP's core business at the current crossing contribution of 63-64 percent of ASDP's total revenue in addition to ports and business services. So the IPO funds will actually go to production equipment for the core crossing business," he concluded.