KONTAN.CO.ID - JAKARTA. Today, the stock exchange officially welcomed three new issuers. They are PT Intra Golflink Resorts Tbk (GOLF), PT Superior Prima Sukses Tbk (BLES), and PT Indo American Seafoods Tbk (ISEA).
GOLF offered 1.95 million shares, equivalent to 10.01% of the total issued and fully paid capital post IPO, at a price of Rp 200 per share. As a result, the total fresh funds raised amounted to Rp 390 billion. After deducting issuance costs, GOLF will use the majority of the IPO proceeds for expansion.
Specifically, 87.53% will be allocated for capital injections into its subsidiary, PT New Kuta Golf and Ocean View (NKG), which plans to build a 6-star Luxury Boutique Hotel at Hole 15-Th Cliff Hanger and 'New Kuta Golf Villa' in the Pecatu Indah Resort area, Jimbaran, Bali. NKG will also acquire 11,332 square meters of land in front of the hotel for additional facilities.
Additionally, approximately 5.34% will be used for capital injections into another subsidiary, PT Sentul Golf Utama (SGU), while the remaining 7.13% will cover operational expenses (opex).
BLES offered 1.31 billion shares at Rp 183 per share, equivalent to 15.05% of the post-IPO issued and fully paid capital. The company experienced oversubscription 80 times over, with over 37,000 investors participating.
BLES raised approximately Rp 240 billion from the IPO, which will be used for business development, including around Rp 100 billion for capital expenditures to purchase Colt Diesel vehicles and big dump trucks to facilitate smoother stone deliveries. The remainder will be allocated to working capital.
ISEA released 290 million shares at an IPO price of Rp 250 per share, raising fresh funds of Rp 72.5 billion. The majority (90%) of these funds will be used to purchase primary and supporting raw materials, while around 5% will cover sales and marketing expenses, and 4.85% will be allocated for maintenance and utilization costs. The rest will cover office necessities, particularly the purchase of electronic equipment.
Muhammad Nafan Aji Gusta Utama, Senior Investment Information from Mirae Asset Sekuritas, commented that it is still too early to assess the performance prospects of the newly IPO'd companies.
"However, the performance of each issuer and its impact on the stock market largely depend on the use of IPO funds and their historical financial performance," he told Kontan on Monday (8/7).
In 2023, BLES recorded revenues of Rp 1.4 trillion and a profit of Rp 151 billion, with revenues growing 27.3% year-on-year (YoY) and profits rising 128.4% YoY. BLES targets a 28% annual growth in net sales in 2024 and 36% in 2025, with net profit expected to grow around 10% annually in 2024.
GOLF's 2023 revenue was Rp 177.6 billion, up 59.1%, and net profit was Rp 60.2 billion, up 136% from the previous year. GOLF targets a 20% EBITDA growth by the end of 2024.
Meanwhile, ISEA reported revenues of Rp 199.2 billion in 2023, down 47.9%, and a profit of Rp 1.7 billion, down 67.3%. ISEA targets a net profit of Rp 27.1 billion throughout 2024, aiming for a 1,452.9% annual growth in net profit.
On the market side, traders tend to capitalize on IPO momentum for short-term trading. When stock prices rise, it typically leads to increased buying volumes.
"As long as strong demand persists, price increases will continue. This momentum is often exploited for short-term trading," he said.
Regarding the industry prospects of each issuer, Nafan refrained from commenting extensively, noting that industry performance may not necessarily align linearly with the fundamental performance of issuers.
For the record, GOLF and ISEA operate in the consumer non-cyclical sector, while BLES operates in the basic materials sector. Nafan does not currently view the prospects of these sectors favorably for the remainder of the year.
"Impacts such as declining purchasing power and deflation last month have negatively affected the consumer sector's performance. Meanwhile, the basic materials sector is also showing signs of weakening performance," he explained.
Nafan has not yet provided recommendations for these three new issuers.
Source: investasi.kontan.co.id
Update Saham
