Indonesia-based construction firm Totalindo Eka Persada is slated to raise Rp 1.5 trillion ($120 million) from a planned initial public offering (IPO) soon, in what could be the country’s largest issue this year.
The company has started to hold a pre-deal investor education, which will go on until May 3, with books that are scheduled to open on May 8, according to a report by Global Capital. The IPO is expected to price on May 22.
In 2016, Totalindo booked a revenue of Rp 3.16 trillion, representing an almost 200 percent increase from 2014’s revenue of Rp 1.05 trillion. Net profit jumped more than 100 per cent to Rp201 billion last year.
Totalindo provides construction services for various types of projects, ranging from residential, hotel, commercial, to public services and governmental sectors. Founded in 1996, the company completed Taman Anggrek Mall as its commencement, known as the largest super block in Southeast Asia at the time.
In the years that follow, it completed five-star Hotel Mulia Senayan, participated in Cipularang Toll Road, Plaza Indonesia Extension Project, and Kalibata City. It also handled Abu Dhabi’s City of Lights Al-Reem project. In 2016,the firm completed government projects related to public housing such as Korlantas Polri Houses, Tambora Rusunawa, and KS Tubun Rusun.