Two Indonesian Firms To Hit Public Markets In July, Seek To Raise Up To $32m In Total

Satyamitra Kemas Lestari, an Indonesia-based packaging manufacturer, seeks to raise up to $18 million in an initial public offering (IPO) in July.

Satyamitra produces carton boxes and plastic packaging for clients that include Unilever Group, Nestle Indonesia, Samsung Electronics, Lenovo, Oppo and Epson Indonesia.

The company plans to sell 1.3 billion new shares, equivalent to 32.10 per cent of its enlarged capital, for Rp 150-200 (1-1.4 cents) apiece. With this price range, it expects to mop up between $13 million and $18.2 million from the share sale.

Book building began on June 13 and Satyamitra expects to secure Financial Services Authority’s (OJK) nod for its registration statement on June 27.

The company plans to conduct its IPO on July 1-4 and list on the IDX on July 11. It plans to use 40 per cent of the proceeds to meet working capital requirements, 30 per cent to repay debt and the remaining 30 per cent for capital expenditure.

After conducting the IPO, Satyamitra expects to add new services including truck rental and logistics services.

The company has appointed brokerage firm Kresna Sekuritas as the underwriter for the IPO.

Hensel Davest seeks to raise up to 

Fintech firm Hensel Davest Indonesia is the other firm looking to tap the capital markets in July.

The firm plans to offer 381.1 million shares, equivalent to 25 per cent of its enlarged share capital, for Rp 396-525 (2.7-3.6 cents) apiece. It expects to raise between $10.57 million and $14.23 million from the share sale.

Established in 2013, the firm is headquartered in the southern part of Indonesia in Makassar city. Hensel is an O2O e-commerce and fintech company.

The company plans to allocate 65 per cent of the proceeds towards working capital, around 25 per cent for opex and the remaining 10 per cent to develop its tech infrastructure.

The book building is scheduled for June 17 -24 and the firm plans to list its shares on July 12. Mirae Asset Sekuritas has been appointed as the lead underwriter.