JAKARTA - A real estate company based in Minahasa, North Sulawesi, PT Minahasa Builds Great Tbk (HBAT) officially listed its initial shares (listing) on the trading board of the Indonesia Stock Exchange (IDX) on Monday, August 7, 2023, and became the 54th issuer of this year.
The company released as many as 240,740,800 shares or 23.13 percent of the issued and paid-up capital through the initial public offering (IPO) mechanism. The company set the IPO price at IDR 108 per share so that it won IDR 26 billion in this corporate action.
The company has completed the public offering period which took place on August 1-3 and received excess requests or oversubscribed up to 31.16 times, with bids reaching 1,181,370,800 shares (11,813,708 lots) from the share allocation offered.
The initial bidding period (bookbuilding) was carried out on July 12-19 with a price of around Rp. 100-108 before finally being pegged at Rp. 108 per share. Acting as the underwriter is PT Lotus Andalan Sekuritas.
President Director of PT Minahasa Builds Great Tbk, Go Ronny Nugroho said that the listing of HBAT shares on Monday is an important milestone for the company since its establishment in 2022 in North Sulawesi (Sulut).
"Being an open company is an important milestone for us as a local property company from Manado. This achievement further spurs us to continue to grow sustainably, not only developing housing in Manado, but also developing," he said during a ceremony to list HBAT's initial shares at the IDX Building, Monday 7 August.
Ronny said all funds from the public offering, after deducting all emission costs related to the IPO, would be used 46 percent for landbank purchases and 45 percent for public facilities construction costs as well as housing facilities and infrastructure, such as marketing offices, club houses and swimming pools at Sawangan Permai Housing Minahasa.
Meanwhile, the remaining IPO funds are used for working capital, including payments to contractors and suppliers. The use of this working capital will be used for the Sawangan Permai Housing project, where, currently there is a project contractor, namely CV Bangun Cipta Minahasa.
As for the land bank details that will be acquired, namely the land area of 38,000 m2 belonging to Hendra Sutanto in Warembungan Village, Pineleng District, Minahasa Regency, North Sulawesi, then the land area of 1,323 m2 owned by Jon Fieris in Malalayang Village/East Malalayang Village, Malalayang District, Manado City, and 1,050 m2 of land also belongs to Jon Fieris in Malalayang Satu Timur Village/Kelurahan, Malalayang District, Manado City.
"The location of these land parcels is quite strategic and there is already accessibility to the location, so that the land has good potential to be used as a land bank to be developed as a housing project for the company in the future," said Ronny.
Director of HBAT, Andrie Rianto added that the IPO step is also in line with the company's increasing performance from year to year. Currently, most of the company's revenue comes from the sale of the real estate segment in the form of landed houses.
As of December 2022, Minahasa recorded revenue of Rp33.86 billion, up 186% from the previous year's Rp11.85 billion. As of May 2023, the company's revenue rose 68 percent to Rp11.98 billion from the May 2022 period of Rp7.13 billion.
The increase in revenue pushed the company's net profit to skyrocket 494 percent to Rp13.91 billion in 2022, from December 2021 which was only Rp2.34 billion. As of May 2023, net profit reached Rp2.37 billion, an increase of 13 percent from May 2022 worth Rp2.10 billion.
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Currently, the Company's assets amounted to IDR 41.27 billion as of May 2023, from December 2022 IDR 39.57 billion with a total liability of IDR 2.67 billion (May 2023) from IDR 3.33 billion in December 2022. Meanwhile, equity reached IDR 38.61 billion as of May 2023 from last year's IDR 36.24 billion.
"Our debt ratio is still at a very controlled level with a debt to equity ratio or a new DER ratio of 0.07 times so that space for us to expand is very open," said Andrie.
Ronny added that several factors that will encourage the growth of the HBAT business in the future are from a macro perspective, Indonesia's economic growth in 2022 will increase by 5.31 percent from 2021 based on data from the Central Statistics Agency. On a regional scale, North Sulawesi's economy in 2022 also grew 5.42 percent, higher than 2021, which rose 4.16 percent, providing optimism for post-COVID-19 economic recovery.
On the other hand, based on data from the Ministry of PUPR 2022, currently the provision of housing is still faced with a big challenge to complete 12.71 million household backlogs, and continues to increase by 600,000-800.000 new households every year.
"This increase in the number of backlogs is an opportunity for property companies to meet people's demands for residential houses, this goal is in line with the government's target to reduce the number of backlogs," said Ronny.
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