Logindo plans to issue up to around 193.28m new shares representing up to 30% of its enlarged issued and paid up capital. The bulk of the funds to be raised have been earmarked for fleet upgrade and expansion.
The IPO date is scheduled for 11 December, and the stock is expected to be priced between IDR2,800 to IDR3,700 each.
Logindo, established in 1995, owns and operates a fleet of 58 offshore vessels that are supplied to the offshore oil and gas industry in Indonesia.
Logindo is 49% owned by Alstonia Offshore, which in turn is wholly-owned by Singapore-based Pacific Radiance. Pacific Radiance had recently launched its own IPO on the Singapore Exchange, raising SGD150.6m to primarily fund its fleet expansion.
Pang Yoke Min, executive chairman of Pacific Radiance, said: “We partnered Logindo because we recognised the huge potential that could be harnessed by gaining access to Indonesia's cabotage-protected market.
“We have 17 vessels in our newbuild programme and some are earmarked for the Indonesian market. Hence, we sell our vessels to our partners in order to access the cabotage markets, and as part of our regular fleet review programme.”
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