Tommy Soeharto's company, PT Intra GolfLink Resorts Tbk (GOLF), officially listed its initial public offering (IPO) on the Indonesia Stock Exchange (BEI) today, Monday (8/7). In its debut, GOLF shares opened with an 18% increase to Rp 236 per share.
GOLF became the 30th company to list on the exchange this year. This cyclical consumer company appointed Samuel Sekuritas Indonesia, KB Valbury Sekuritas, Trimegah Sekuritas Indonesia Tbk, and Semesta Indovest Sekuritas as underwriters and issuers for the company's securities issuance.
GOLF shares debuted on the exchange through IPO at Rp 200 per share. After opening, GOLF's stock price surged to Rp 260 per share, a 30% increase as of 09:10 WIB.
The trading volume of shares of this management consulting and golf course management company reached 347.65 million with a transaction value of Rp 84.72 billion. Trading frequency was recorded at 22,142 times. Intra GolfLink Resorts' market capitalization this morning amounted to Rp 5.07 trillion.
Referring to the company's prospectus, the shareholders and ultimate beneficiaries of GOLF are PT Bali Pecatu Graha with 98.3% and PT Mandalapratama Permai with 1.6%. Bali Pecatu is controlled by Tommy Soeharto and Sigit Jardjojudanto.
Tommy owns 20.22% of Bali Pecatu, and Sigit, through PT Mandalapratama, owns 33.69%. The remaining 46.09% is owned by Humpus Land, also a company owned by Tommy.
Darma Mangkuluhur Hutomo, the President Commissioner of Intra GolfLink Resorts, stated that after the IPO, the company will aggressively expand to develop infrastructure and ecosystems in the golf tourism sector. He hopes GOLF can become a pioneer and the leading golf tourism destination for both local and foreign tourists.
Additionally, he expects that developing sports and entertainment ecosystem facilities around the golf area will boost the company's recurring income.
"Thus, the company's profit can continue to grow positively," Darma said in his official statement on Monday (8/7).
Earlier, Intra GolfLink Resorts completed the initial public offering (bookbuilding) of IPO shares on June 25, 2024, and obtained effective statements from the Financial Services Authority (OJK) on June 28, 2024. The number of shares to be issued is 1.95 billion units, equivalent to 10.01% of the total issued and fully paid-up capital after the IPO.
"The total value of this initial public offering is Rp 390 billion," the company said in the prospectus.
After the IPO, Bali Pecatu Graha's controlling ownership decreased from 98.33% to 88.49%. Meanwhile, PT Mandalapratama Permai's shares decreased from 1.6% to 1.5%. The public will hold 10% of the company's shares.
Based on the company's financial statements as of December 31, 2023, GOLF's total assets reached Rp 7.76 trillion. Throughout 2023, GOLF's revenue increased significantly by 59% from Rp 111.63 billion to Rp 177.58 billion. The company's net profit also jumped by 136% year on year (yoy) last year to Rp 60.18 billion.
The company hopes that this performance surge will continue in the coming years. After the public offering, the company has a policy to pay dividends with a ratio of up to 30% of the current year's profit. Dividend distribution is likely to apply for the 2024 fiscal year based on the company's financial condition.
Regarding the potential use of IPO funds, President Director of Intra GolfLink Resorts, Dwi Febri Astuti, ensured that the investment plans specified in the prospectus would be realized as intended. One of them is for the development of a 6-star 'Luxury Boutique Hotel' at Hole 15-Th Cliff Hanger and 'New Kuta Golf Villa' with its supporting facilities in the Pecatu Indah Resort area, Jimbaran, Bali.
"The project has already begun, and the IPO funds are sufficient to finance the initial development," Dwi said.
The prestigious project development is being carried out in stages and is projected to be completed by 2026. Both projects are expected to increase revenue and profit for Intra GolfLink Resorts in the future. President Commissioner Darma Mangkuluhur Hutomo is optimistic about optimizing existing potential for sustainable growth and innovation. This is through three golf courses managed and owned by the company directly or through associated entities.
These golf courses include the 'Palm Hills Golf Club Bogor' managed through SGU, 'New Kuta Golf Bali' under NKG's control, and the 'Black Rocks Hotel & Golf Club Belitung' owned through an associated entity, PT Belitung Golf And Resorts.
Source: katadata.co.id
Update Saham
