Jakarta. Shipping company Newport Marine Services (IDX: BOAT) made its debut on the Indonesia Stock Exchange (IDX) on Tuesday, with its stock price rising 24 percent to Rp 124.

The company issued 28.57 percent of its shares to the public at Rp 100 per share, raising a total of Rp 100.04 billion ($6.34 million) through its initial public offering (IPO).

Corporate Secretary Ahmad Wisya said that the company was targeting 30 percent revenue growth in 2024 and expanding further into Southeast Asia.

“For 2024, we are targeting a conservative 30 percent revenue increase. However, if we secure additional contracts that we are currently pursuing, we may exceed that goal. We also plan to expand further within Southeast Asia,” Ahmad said.

As of April 2024, BOAT reported an 11.61 percent year-on-year decline in revenue, totaling $3.1 million, down from $3.51 million during the same period last year. Its assets amounted to $33.87 million, a 2.58 percent decline year-to-date, while liabilities stood at $17.09 million, down 2.44 percent.

BOAT will continue to focus on leasing vessels to the oil and gas industry, with its operational footprint extending to Southeast Asia, including Thailand and Malaysia.

The funds raised from the IPO will be used to partially repay around Rp 75 billion of the company’s principal loans, while the remainder will be allocated for working capital. This will support the leasing of additional vessels, cover fuel costs, and finance other operational activities tied to BOAT’s core business.

BOAT offers vessel leasing services, both for its own fleet and chartered vessels, tailored to customers' needs. The company currently owns six vessels, including four crew/utility vessels and two anchor-handling tug supply (AHTS) vessels.