The Affiliate Emitter of Hermanto Tanoko (BLES) IPO, Immediately Touches ARA
This article is adapted from CNBC
AAC Lightweight Brick and Mortar Cement issuer PT Superior Prima Sukses Tbk. (BLES) officially debuted on the Indonesia Stock Exchange (IDX) on Monday (8/7/2024), through an initial public offering (IPO).
The Surabaya-based company listed a total of 1,313,824,000 shares, equivalent to 15% of its issued capital, to the public at an offering price of Rp 183 per share. With the shares and offering price, BLES successfully raised approximately Rp 240 billion from the IPO.
Upon its stock market debut, BLES shares surged by 34.43% to reach an auto rejection limit of Rp 246 per share at 09:03 WIB.
The funds raised from the IPO are intended for BLES's business expansion, including approximately Rp 100 billion for capital expenditure and the remainder for working capital. For business expansion, BLES plans to penetrate the market through expanding its sales and marketing reach and increasing production capacity in its existing factories. The company also plans to invest in a new factory (the 5th factory) in Central Java.
Currently, BLES operates several factories in East Java and Central Java. Factory I is located in Mojokerto, operational since 2012, Factory II in Lamongan, operational since 2018, Factory III in Sragen, operational since 2019, and Factory IV in Sidoarjo, operational since 2023.
In this IPO action, BLES appointed PT Lotus Andalan Sekuritas as the Lead Underwriter for the offering process, which was conducted from July 1, 2024, to July 4, 2024. The IPO saw oversubscription of 80 times with more than 37,000 investors participating.
One of Superior Prima Sukses's strategic partners is Tancorp Group owned by Surabaya's "crazy rich" businessman, Hermanto Tanoko. Through PT Tancorp Investama Mulia, Tancorp Group became a strategic partner and holds a 11.35% stake in BLES.
Belinda Tanoko, Director of Tancorp Investama Mulia and Hermanto's eldest daughter, serves as a Commissioner of BLES.
Other major shareholders of BLES include PT Tata Utama Gemilang with a 35.46% ownership and PT Global Base Universal with a 48% ownership.