Chandra Asri’s Subsidiary Plans 10% IPO, Eyes $144 Million in Proceeds
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JAKARTA, investortrust.id — PT Chandra Daya Investasi, a subsidiary of Indonesia’s leading petrochemical company PT Chandra Asri Pacific Tbk, is set to launch an initial public offering on the Indonesia Stock Exchange, aiming to raise up to Rp 2.37 trillion or approximately $144 million. The offering is expected to boost the subsidiary’s capital and strengthen its logistics and shipping portfolio amid the parent group’s rapid expansion.
According to a preliminary prospectus circulated to investors, Chandra Daya Investasi, which will trade under the ticker CDIA, plans to release 12.48 billion shares, representing 10% of its enlarged issued capital. The nominal value is set at Rp 100 per share, with the offering price estimated in the range of Rp 170 to Rp 190 per share.
The IPO is underwritten by a consortium of securities firms, including BCA Sekuritas, BNI Sekuritas, DBS Vickers Sekuritas Indonesia, Henan Putihrai Sekuritas, OCBC Sekuritas Indonesia, and Trimegah Sekuritas Indonesia Tbk.
Ahead of the offering, Chandra Daya expanded its footprint in maritime logistics by acquiring controlling stakes in two key companies: PT Marina Indah Maritim and PT Chandra Shipping International. Both entities were previously 49% owned by Chandra Daya but are now 99.99% controlled after share purchases from PT Buana Priamatama Niaga.
The acquisition of PT Chandra Shipping International involved purchasing 434,010 shares, while the Marina Indah Maritim deal included 2.67 million shares. These transactions mark a strategic consolidation by Chandra Daya ahead of its public debut.
In parallel with the IPO plans, Chandra Asri and its strategic partner Phoenix Power BV have injected Rp 1.75 trillion in fresh capital into Chandra Daya Investasi. Chandra Asri contributed Rp 853.26 billion, while Phoenix added Rp 900.67 billion. This capital increase raised Chandra Daya’s paid-up capital from Rp 9.48 trillion to Rp 11.23 trillion.
As part of the transaction, Chandra Asri subscribed to 8.53 billion new shares, while Phoenix subscribed to 9 billion. Consequently, Chandra Asri’s ownership in the subsidiary declined from 70% to 66.7%, while Phoenix’s stake rose from 30% to 33.3%.
These moves underscore the broader ambitions of Chandra Asri, controlled by prominent Indonesian businessman Prajogo Pangestu, to solidify its logistics capabilities and support vertical integration in its supply chain, particularly in shipping and port operations.