More Maritime Companies to Go Public Next Year: BNI Securities


DECEMBER 09, 2015

Jakarta. BNI Securities, a unit of state lender Bank Negara Indonesia, is bullish about Indonesia's maritime sector moving into 2016 as it prepares for the first share sale of a maritime company following the successful initial public offering of fishery Dua Putra Utama Makmur, according to a top executive.

"Fish is now considered to be blue gold. If oil is black gold, then around the world fish is now blue gold," BNI Securities president director Ananta Wiyogo after the listing of Dua Putra Utama Makmur's shares on the local stock exchange in Jakarta on Tuesday.

"On top of that, government support for the maritime industry has continued to strengthen."

Ananta added that growing domestic attention on Indonesia's maritime industry has spurred yet another company to go public next year. However, he declined to disclose further details as the IPO plan is still ongoing.

President Joko Widodo's aim to turn the country into a key global maritime player, backed by the government's crackdown on illegal fishing, has boosted investors' appetite for companies like Dua Putra Utama Makmur  which claims to be the first integrated shipping company to list on the bourse — with their fundraising efforts.

BNI Securities acted as one of the underwriters for Dua Putra's recent IPO, when the company raised roughly Rp 918.5 billion ($65.45 million) from offering 1.67 billion new shares, equivalent to some 40 percent of its total equity, at a price of Rp 550 each.

Dua Putra's IPO was oversubscribed by 10.56 times, mostly dominated by appetite from local investors. After opening 20 percent higher than its offering price on Tuesday, the company's shares, listed under DPUM, closed at Rp 825 each, rising by half from the offering price.