Indonesias DMS Propertindo Seeks To Raise Up To $13m In July IPO

Property developer DMS Propertindo aims to raise up to Rp 186.6 billion ($13.1 million) in an initial public offering on the Indonesia Stock Exchange (IDX) in July.

The company plans to sell 933 million shares, equivalent to 7.8 per cent of its enlarged capital, in the IPO. It has set an indicative price range of Rp 150-200 (1-1.4 cents) apiece, which could see it raise anywhere between Rp 139.96 billion ($9.89 million) and Rp 186.6 billion.

Headquartered in Jakarta, DMS Propertindo runs commercial and residential property projects across the archipelago. It plans to plough proceeds from the IPO into land purchases and to meet working capital needs of its subsidiary, Padjadjaran Raya.

DMS will also raise Rp 270.1 billion through a mandatory convertible bond, with Glodfive Investment Capital dan Castelford Investment Holding acting as the standby buyer.

DMS began book building on June 18 and plans to offer its shares on July 2 and 3. Its shares are scheduled to start trading on July 9.

The company appointed Danatama Makmur Sekuritas as the lead underwriter for the IPO.

Many analysts noted in April that the pipeline for the companies undertaking IPO would be heavy after the presidential election – which took place on April 17 – in the second half this year.

Two companies, packaging manufacturer Satyamitra Kemas Lestari and fintech firm Hensel Davest, recently announced their plans for July IPOs, which could see them raise up to $32 million in total.

There are 25 companies that are still queueing up for an IPO on the IDX, while 13 companies have already been listed so far this year.