Indonesia: Sillo Maritime to raise $6m via IPO

Photo by Sillo Maritime Perdana

Indonesia offshore support vessels provider PT Sillo Maritime Perdana Tbk is planning to offer 600 million shares with indicative price between Rp117 and Rp 140 each to raise up to Rp 84 billion ($6.18 million) through an initial public offering in June.

Local securities houses PT Lautandhana Securindo and PT UOB Kay Hian Securities will be acting as underwriters for the IPO.

According to the company’s president director Edi Yosfi, most of the proceeds from the IPO will be used to acquire 50.84 per cent ​​stake in PT Suasa Continent Success (SBS), a cruise upstream oil and gas services company.

While the remaining 10 per cent will be use for working capital.

“90 per cent of the IPO proceeds will be used for business development company in the cruise industry supporter of upstream oil and gas, especially in the offshore natural gas project through the acquisition,” said Yosfi  on Wednesday.

The company’s initial offering period will be from May 25 to 30, the book building period is from June 8 to 10 and the company will be listed on June 16 at the Indonesia Stock Exchange (IDX).

Also Read: IPO route turns hot as nine Indonesian firms line up to list on IDX in Q2

Currently, the company shares are owned by PT Maxima Prima Sejahtera and PT Karya Gemilang Sinergy, with ownership of 50 per cent each. Post IPO the stake of would be reduced to 38.46 per cent, respectively, while 23.08 percent will be owned by the public.

As of end 2015, total assets of Sillo Maritime reached $41.96 million and its equity reached $30.67 million. Last year, the company posted revenues of $15.60 million, down 23 per cent over the same period last year.

Sillo Maritime was founded in 1989 and has served international oil and gas companies, such as China National Offshore Oil Corporation SES Ltd, Petrochina International Jabung Ltd, Total E&P Indonesia, Chevron Indonesia, and Conocophillips Indonesia.

The IDX said that nine companies will hold IPO in the second quarter of this year and are scheduled to list their shares in the next one or two months.

In 2015, Indonesia saw only 19 companies raising $1 billion via the capital market route as opposed to the targeted 35 listings. In the last five years, the IDX has been dominated by foreign capital – taking up about 60 per cent of the total transaction.

Also Read: Indonesia 2015: IPO market expands with 20 firms raising $1b, but country fails to meet targets

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.

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.