Indonesia Digest: IPO updates from Ginting Jaya Energy, Unicharm & Meka Adipratama

An electronic ticker board displays stock prices inside the Indonesia Stock Exchange (IDX) in Jakarta, Indonesia, on Thursday, Dec. 17, 2015. Photographer: Dimas Ardian/Bloomberg

In listing updates from Indonesian companies, Ginting Jaya Energy plans to raise 300-400 billion Rupiah ($21.04 million-$28.05 million) while baby diaper maker Unicharm Indonesia plans to list in January 2020. Also,  automotive products retailer and distributor Meka Adipratama has postponed its listing plan.

Ginting Jaya Energy to raise up to $28.05m from IPO

Oil and gas service player Ginting Jaya Energy (GJE) is planning to raise 300-400 billion Rupiah ($21.04 million – $28.05 million) from an initial public offering (IPO) in Indonesia Stock Exchange (IDX), Bisnis Indonesia reported.

The company targets to list in the domestic stock exchange by end of this year, as it is preparing to submit the documents to the regulators soon.

GJE will use the IPO proceeds to expand its rig rental services to support oil and gas exploitation activities throughout the country. Founded in 2011, GJE is based in South Sumatra province and it services Pertamina EP’s Pendopo Field, Aldera Field, and Prabumulih Field.

Unicharm Indonesia plans IDX listing in Jan 2020

Baby diaper and sanitary napkins producer Unicharm Indonesia is planning to conduct its domestic initial public offering (IPO) in January 2020, as reported by Investor Daily.

Unicharm will sell around 20% stake to raise around 1 trillion Rupiah ($70.12 million) in its IPO. The IPO plan is related to the company’s strategy to expand its business into the Asia Pacific region.

The company has hired Sinarmas Sekuritas as the IPO underwriter.

Established in 1997, Unicharm Indonesia is the subsidiary of Japan-based Unicharm Corporation. Following the domestic IPO plan, Unicharm Indonesia’s financial performance will still be consolidated to its parent company, the report said.

Meka Adipratama postpones IPO plan

Automotive products retailer and distributor Meka Adipratama is postponing its plan to list in Indonesia Stock Exchange (IDX) for an indefinite period of time, Bisnis Indonesia reported.

The postponement is done considering the recent unfavourable condition in the automotive industry, CEO Joko Trisanyoto said. The company previously planned to conduct IPO in September 2019.

Meka Aditama might sell 30% stake in the IPO process, which equals 321.43 million of shares. The company expected to raise more than 500 billion Rupiah to support its business expansion plan.

Meka Aditama has been distributing automotive spare parts and oils in Central Java and Yogyakarta area since 1984.  The company is 99.93% owned by Indonesia’s industrial and trade listed company Bintraco Dharma.