GIC-backed Triputra Agro said to mull $500m Indonesia IPO

Photo: Reuters

PT Triputra Agro Persada, backed by Singapore’s sovereign wealth fund GIC Pte, is gearing up for an initial public offering in Indonesia that could raise about $500 million, according to people familiar with the matter.

The plantation company, which also counts Indonesian tycoon Theodore Rachmat’s Triputra Group and buyout firm Northstar Group as shareholders, has held preliminary discussions with some banks for the potential first-time share sale that could value the business at more than $2 billion, the people said. The company is seeking to list in Jakarta as early as the end of this year, said the people, who asked not to be named as the information is private.

Owners of Triputra Agro had considered selling the business, seeking a valuation of about $1 billion, Bloomberg News reported in 2018. An IPO was also an option at that time, people familiar with the matter have said. The latest move comes after crude palm oil prices rebounded more than 40% from an almost four-year low, data compiled by Bloomberg show.

Deliberations are still at an early stage and the plantation company could still decide against undertaking the IPO, the people said. Representatives for GIC, Northstar and Triputra Group declined to comment.

Triputra Agro Persada and affiliates currently have 170,000 hectares of planted area across 27 estates, according to Triputra Group’s website. Palm oil, the world’s most consumed edible oil, is found in everything from shampoo to sweets.

GIC and Northstar bought a minority stake in Triputra Agro Persada for $200 million in 2012 and completed a follow-on investment in 2016.

Bloomberg

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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).

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  • 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.