Indonesian mining contractor Andalan Artha Primanusa is seeking to raise up to 316.76 billion rupiah ($17.6 million) through an initial public offering (IPO).
Per its prospectus dated November 5, the Jakarta-based company plans to offer up to 1.676 billion new shares, representing 25.1% of its enlarged share capital, at an indicative price range of 158 rupiah to 189 rupiah per share.
The offering would value the company at approximately 1.26 trillion rupiah to 1.89 trillion rupiah, based on its post-IPO share capital.
The company is targeting a listing on the Indonesia Stock Exchange (IDX) on December 1 under the ticker symbol ANDA, subject to obtaining an effective statement from the Financial Services Authority (OJK). The bookbuilding period is scheduled for November 5-17, followed by the public offering on November 24-27.
Henan Putihrai Sekuritas is acting as the sole lead underwriter for the offering.
Andalan plans to allocate around 35% of the net IPO proceeds, equivalent to approximately 107 billion rupiah, towards debt repayment. The remaining 65% will be used to finance working capital requirements, including fuel purchases, spare parts, lubricants and tyres for its trucks and heavy equipment, as well as wages and benefits for operational workers.
The company also plans to issue up to 239.43 million Series I warrants alongside the IPO. Every seven new shares subscribed in the offering will carry one warrant, which can be exercised into one additional share at 695 rupiah apiece. The warrants could generate up to 166.4 billion rupiah in additional proceeds if fully exercised.
Andalan operates in mining support services, primarily providing mining contracting services and heavy equipment rentals, and has operated since 2014.
IPO pipeline under pressure
ANDA’s planned listing comes as Indonesia’s IPO market faces mounting headwinds. OJK data show that 23 companies postponed or cancelled their IPO plans in 2026, out of 38 companies that had entered the listing process as of October 30. Only seven had secured effective statements, while eight others remained in the process.
OJK’s head of capital market regulation and development, financial derivatives and carbon exchange department, Agus Firmansyah, attributed the withdrawals and postponements to companies’ assessment of domestic economic and capital market conditions.
Some prospective issuers considered 2026 an unfavourable time to raise funds from public investors, while others were still working on their internal preparations.
The trend has also been reflected in individual IPO cases. Swayasa Prakarsa, a company associated with Universitas Gadjah Mada, postponed its planned listing earlier this year after failing to obtain an effective statement from OJK within its original offering schedule.
OJK subsequently said the company would have to restart the IPO process using updated financial statements and a revised prospectus, following the shift in its offering timeline and changes in its underwriter’s commitment.
Swayasa Prakarsa had previously planned to raise approximately 45.22 billion rupiah through its IPO, announced in September.
The developments highlight the challenges facing prospective issuers in navigating both regulatory requirements and investor appetite in an increasingly volatile market.
The IPO slowdown comes amid a sharp decline in Indonesian equities following MSCI’s announcement related to the country’s market classification, raising concerns over market transparency, free-float data, and trading practices.
The Jakarta Composite Index (IHSG) has declined approximately 42.7% year-to-date, from 8,748 at the beginning of 2026 to around 5,016 as of early November, making Indonesia one of Asia’s worst-performing equity markets.
The sell-off has also significantly eroded the market’s capitalisation, which declined to approximately 8,876 trillion rupiah from 16,014 trillion rupiah on January 2.
The deteriorating market conditions have raised questions about the timing of new equity offerings, as prospective issuers face the prospect of weaker valuations and more cautious investor demand.
