Conglomerate TP Rachmat Brings His Company Back To The Stock Exchange, This Time Autopedia Sukses Lestari Willing IPO Targeting IDR 703.59 Billion

TP Rachmat conglomerate. (Photo: Doc. Triputra Group)

JAKARTA - A vehicle rental company controlled by one of Indonesia's richest men, conglomerate Theodore Permadi (TP) Rachmat, PT Adi Sarana Armada Tbk (ASSA) is increasingly ambitious in developing its business in the automotive segment. This is illustrated by the company's plan to send one of their subsidiaries, PT Autopedia Sukses Lestari to raise funds through an initial public offering (IPO) on the stock exchange floor.

Citing the company's prospectus, Thursday, December 30, Autopedia plans to use the ASLC issuer code. Autopedia has started the book building phase this week. If there are no obstacles, Autopedia's initial public offering (IPO) will be held in mid-January 2022.

TP Rachmat is the final controller of ASCL with a direct ownership of 4.97 percent. Meanwhile, the entity that also represents the 16th richest person in Indonesia according to Forbes 2021 also controls through ASSA.

At ASSA, which runs the car rental and logistics business, TP Rachmat is the controller through PT Adi Dinamika Investindo (23.92 percent) and PT Daya Adicipta Mustika (18.28 percent).

Meanwhile, referring to the prospectus, the funds that Autopedia is aiming for from the IPO this time are a maximum of IDR 703.59 billion. This figure is obtained from the assumption that the number of newly issued shares reaches more than 2.54 billion shares and the offering price is in the range of Rp. 200 to Rp. 276 per share.

Management explained that 64.98 percent or a maximum of IDR 457.19 billion of the proceeds from the IPO will be used for working capital. Among other things is the business of buying and selling used vehicles both online and offline.

Meanwhile, another 35.02 percent or a maximum of Rp246.4 billion will be allocated for the repayment of Autopedia loans. The majority of these loans are debts to the parent entity, namely ASSA, and some of the shareholders, including Prodjo Sunarjanto.

ASLC's IPO is considered to be attracting attention not only because of its business prospects, but also because of the track record of the shareholder of the parent company TP Rachmat. This year, the Triputra Group boss has sent two other companies, namely PT Triputra Agro Persada Tbk (TAPG) and PT Dharma Polimetal Tbk (DRMA) to the stock exchange floor.