JAKARTA (Yosefardi) – Shipping company PT Logindo Samudra Makmur plans to launch the initial public offering (IPO) this year, offering 30% shares to public, to raise Rp500 billion.
Eddy Kurniawan Logam, director of Logindo, said the company will use the IPO proceeds to fund the purchase of vessels in next 2 months at a cost of US$150 million.
Logindo operates vessels for supporting oil and gas operation in offshore. Currently its fleet totals 58 units, including AHTS (Anchor Handling Tug and Supply), landing craft transport, platform supply vessel, diving support vessel, accomodation barge and crew boat.
The company targets to add 3-4 vessels per year along with the growing demand for offshore oil and gas drilling.
Logindo has assigned RHB OSK Securities to act as underwriter for the IPO. It target to book revenues of US$60 billion this year, a 30% rise compared to last year.