The company is now aiming to raise IDR357bn ($30m), less than half of the $63m that it had previously sought from the IPO which is due to complete on 11 December.
Logindo has slashed the number of new shares on offer to 127.38m from 193.28m previously, and each new share will be priced at IDR2,800, the bottom of an anticipated range of up to IDR3,700 apiece.
Logindo owns and operates a fleet of 58 offshore vessels that work in local waters. The company is 49% owned by Alstonia Offshore, which in turn is a wholly-owned subsidiary of Singapore-listed Pacific Radiance.
Logindo intends to use most of its IPO proceeds to expand its offshore support fleet to tap on the high growth cabotage-protected Indonesian market.
Pang Yoke Min, executive chairman of Pacific Radiance, said: “As one of Indonesia's largest offshore support services providers, Logindo is well placed to benefit from the country's strong E&P spending, which is also expected to be the fastest growing in Asia.
“Other than Indonesia, we are also eyeing other high growth and protected markets such as Latin America, Australia and Africa, to diversify our global footprint,” he added.
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