Indonesian solar panel producer Sky Energy taps IPO route to raise $6.8m

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Indonesia’s solar panel producer Sky Energy will be looking to raise up to Rp 91.5 billion ($6.8 million) through an initial public offering on the Indonesian Stock Exchange (IDX), after the company disclosed that it will offer 203,256 or equivalent to around 20 per cent of its deposited capital.

The company confirmed to DEALSTREETASIA that its shares will be priced at a range of Rp 375-Rp 450 apiece. Based on the estimated price, the company will be expecting to raise between Rp 76.2 billion-Rp 91.5 billion from the public offering.

The offering is scheduled to be held from March 15 to March 21, 2018, and the company says it’s shares will be listed on the IDX by March 28.

In its preliminary prospectus, Sky Energy revealed that the proceeds from the IPO will be used as capital expenditure to increase the company’s production capacity amid increasing demand for the company’s product.

The proceeds “will be used by the company for capital expenditure including for the purchase of machines and equipment amid growth of business activity, and the purchase of land as well as the addition of production area,” the prospectus states.

According to the company, Indonesia’s strategic location makes it a prospective market for solar power generator development, with both the west and east parts of Indonesia showing significant solar radiation potential.

The solar energy sector has received a big boost from the Indonesian government. In 2015, President Joko Widodo vowed in front of world leaders to reach a target of 23% renewable energy by 2025. The target is manifested in the form of a government regulation and a programme of building solar generators to produce 5,000 MW by 2019.

Established in 2008, initially as a solar panel distributor, Sky Energy  teamed up with Hitachi High-Technologies Indonesia in 2009 to build manufacturing facilities and started producing solar panels in 2012. In 2016, it claimed to be the biggest solar panel producer in the country with a production capacity of 100 MW, as well as having 50 MW production capacity for solar cells.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.