Logisticsplus International Tbk (LOPI) Sets IPO Price at IDR 100 per Share

Mentari Puspadini, CNBC Indonesia

Market

Monday, 02/10/2023 22:00 WIB

Photo: Digital screen of the movement of the Composite Stock Price Index (IHSG) at the Indonesian Stock Exchange Building, Jakarta, Monday (11/9/223). (CNBC Indonesia/Tri Susilo)

Jakarta, CNBC Indonesia – Logistics issuer PT Logisticsplus International Tbk (LOPI) has set its General Offering price at IDR 100 per share with a target of raising IDR 30 billion. It is targeted to be listed on the Indonesia Stock Exchange (BEI) on October 11 2023.

This price is included in the lower limit of the exercise price range which was previously set at IDR 100-150 per share.

The LOPI Public Offering will start tomorrow, Tuesday, (3/10/2023) until 9 October 2023. Furthermore, the Allotment will be carried out on October 9 2023 and Electronic Distribution of Shares on October 10 2023.

Through its official statement, LOPI will offer a maximum of 300,000,000 new shares which are ordinary shares in the name or equivalent to 27.27% of the issued and fully paid-up capital.

In addition to holding an Initial Public Offering (IPO), LOPI also held an Employee Stock Allocation (ESA) program by allocating 1,500,000 shares or 0.50% of the shares offered in the IPO.

At the same time, the company also issued a maximum of 150,000,000 series I warrants or 18.75% of the total number of issued and fully paid shares at the time of the registration statement, which were given to each new Shareholder (DPS) whose name was recorded in The company’s DPS on the allotment date is free of charge.

The conditions are that every holder of 2 new shares will receive 1 series I warrant where every 1 series I warrant gives the holder the right to buy 1 new share issued in the portfolio.

Series I warrants are securities that give the holder the right to buy company shares with a nominal value of IDR 25 per share with an exercise price of IDR 200 per share.

Series I warrants can be exercised after 6 months from the date of issuance of series I warrants on the stock exchange, up to 1 working day before the 1st anniversary of the Warrant’s listing, namely April 9, 2024. The validity period of Series I Warrants is from October 9, 2023 until by October 8, 2024. The total proceeds from the exercise of series I warrants are a maximum of IDR 30,000,000,000.

President Director of PT Logisticsplus International Tbk (LOPI) Wahyu Dwi Jatmiko said, In the first quarter of 2023, the transportation and warehousing sector grew significantly in Indonesia, thus this will be in line with the company’s future growth opportunities.

“Moreover, we have a share price that is quite cheap and suitable for investors at this time,” he said in writing, Monday (2/10/2023).

Throughout 2022, LOPI posted a net profit of IDR 1.93 billion or grew 16.42% annually (year on year/yoy) from the previous year. This is in line with the company’s net income increasing 52.66% yoy from IDR 46.79 billion to IDR 71.43 billion in 2022.

To improve performance, Wahyu targets exploring a number of new contracts in one of Pertamina Holding’s subsidiaries. Not only that, the Company also continues to explore cooperation with Angkasa Pura, finalizing Work Contracts with Cimory, FKS food, and Semen Indonesia Distribution.

As stated in the prospectus, around 60% of the IPO proceeds after deducting issuance costs are planned to be used for operational working capital, around 9% will be used to purchase Cargo Wise software and technological tools to support operations and sales as well as integrate operational systems Company, finance, sales, marketing and asset management. Around 31% will be used to purchase a new fleet of trucks through official Isuzu dealers who have no affiliation with the company.

As for the proceeds from the implementation of series I warrants, all of them will be used as working capital in the form of payments for transportation service vendors, barge rental, labor costs, fuel costs, shipping insurance, marketing and sales costs, office operational costs, land fleet overnight parking costs, rental of operational support equipment, project travel costs, operational health and safety costs.

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