Mar 17, 2011

Mitrabahtera Sejati sets IPO at Rp1,600

Indonesian coal tugs and barges operator PT Mitrabahtera Segara Sejati Tbk (MBSS) has set the IPO price at Rp1,600 per share.
A source close the deal said the MBSS's IPO has secured 8 folds oversubscribe from investors. Referring to the IPO price, Mitrabahtera will seal Rp344 billion proceed. During the offering, the company set the IPO price range at Rp1,500 to Rp1,900 per share.
Mitrabahtera plans to dispose 215 million shares, or 12.3% of company's total shares. The underwriters appointed in Mitrabahtera's IPO are PT OSK Nusadana Securities and PT Mandiri Sekuritas.
MBSS will use all the IPO proceed to underpin some financing of 20-30 additional new tug boats and barges or crane in 2011 and 2012.
The operator also intends to use bank loan facility to support the financing. MBSS plans to buy tug boats with capacity of 1,200 horse power (HP)-2,800 HP, barges with capacity of 270 feet-365 feet, and floating crane with capacity of 20,000 tons-45,000 tons a day.
Assuming Indika to exercise the option to buy 51% stake in MBSS at Rp1,600, Indika will spend Rp1.43 trillion after MBSS lists stake at Indonesia Stock Exchange.
Ingrid Ade Sundari Prasatya and Patricia Pratiwi Suwati Prasatya are both controlling share holders in MBSS with 15.4% shareholding each. PT Patin Resources also controls 56.2% stake in MBSS.
MBSS enrolled Indonesian logistics markets as a family company led by Francesca Hadinata and Bing Prasatya in 1993.
As of September 30 2010, MBSS owns  51 tug boats, 47 barges, and 4 floating cranes. The company is underway to construct a new floating crane scheduled to be commercially operated in February this year.
Patricia Prasatya, with support of Jon Vassella, is in charge of the day-to-day running of the company and business development.

Disclosure: No position at the stock mentioned above.

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