JAKARTA (Indonesia Today) – Taxi operator PT Express Transindo Utama (Express Group) announced on prospectus today it plans to offer 1.05 billion shares, representing 48.9% of its issued and paid-up capital, through the initial public offering (IPO).
The book building or pre offering will start today until October 12, 2012 while the offering is scheduled for October 25, 29 and 30. Listing at stock exchange is set for November 5, 2012.
PT Mandiri Sekuritas acts as underwriter for the IPO.
David Santoso, finance director of Express Group, earlier said the company seeks Rp800-900 billion from IPO, used to finance expansion of regular taxi services in greater Jakarta area.
On prospectus, the company, controlled by Rajawali Corpora, said 65% of IPO proceeds will be used for new investment on its regular taxi, 20% for repaying loan to PT Bank Central Asia (BCA) and 16% for funding the acquisition of targeted company.
Express booked net profit of Rp28.36 billion in first 4 months of this year on revenue of Rp155.51 billion.
Last year, it booked net profit of Rp60.16 billion on revenue of Rp338.36 billion.
Express currently operates a fleet of 7,000 units of regular taxi with target of 8,000 units by the year end. Stephen K Sulistyo, managing director of Rajawali Corpora, said the company seeks annual growth of 2,000 units. (hans@theindonesiatoday.com)