Chandra Asri's investment arm to raise over 2.3 trillion rupiah in IPO
[JAKARTA] Indonesia's Chandra Daya Investasi (CDI), the investment arm of leading petrochemical producer Chandra Asri Pacific, plans to raise over 2.3 trillion rupiah (S$187.2 million) through its public listing in July.
CDI boasts a diverse portfolio spanning energy, ports, storage, logistics and water treatment, positioning itself to capitalise on Indonesia's ongoing infrastructure boom. It is a subsidiary of Chandra Asri, which in turn is part of petrochemical giant Barito Pacific, founded by Indonesian tycoon Prajogo Pangestu.
The company is slated to make its market debut on the Indonesia Stock Exchange on Jul 8. The bookbuilding period runs from Jun 19 to 24, followed by the public offering from Jul 2 to 4. Shares are being offered at a price range of 170 to 190 rupiah apiece.
CDI plans to offer 12.48 billion shares, representing about 10 per cent of its total issued and listed shares post-initial public offering.
Based on the prospectus filed on Thursday (Jun 19), CDI will use the proceeds to bolster the capital of several subsidiaries. Around 871.75 billion rupiah will be earmarked for its logistics arms, Chandra Shipping International and Marina Indah Maritim.
An additional 1.5 trillion rupiah will flow into its port and storage business, PT Chandra Samudera Port, which will in turn funnel the entire sum into PT Chandra Cilegon Port. CDI posted a net profit of US$32.7 million in December 2024, up 6.1 per cent from US$30.8 million in the same period the previous year.
CDI is set to be the third Pangestu-owned company to list on the Indonesia bourse in the past three years, following the footsteps of Petrindo Jaya Kreasi, which made its debut in March 2023, and Barito Renewables Energy, which went public in October 2023.
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