Chandra Daya Investas operated chemical and gas storage facilities and terminals.
Chandra Daya Investasi – an infrastructure company backed by petrochemical companies of Indonesian billionaire Prajogo Pangestu Chandra Asri Pacific– Preparing for an IPO, which will focus on the company at 23.7 trillion Indiana ($1.4 billion).
The company, which operates a 120 MW power plant outside Jakarta and supplies electricity to more than 200 companies and 1,600 homes, up to 12.4 million new shares, equivalent to 10% of the shares, is sold in Maiden shares in 170 Rupiah and 190 Rupiah respectively. According to the IPO Prospectus Released on Thursday.
“Through this IPO, we aim to strengthen our position as a growth partner in the industry and create opportunities for all stakeholders to promote long-term, value-added development opportunities,” Chandra Daya Investas president Fransiskus Ruly Aryawan said in a statement.
The book building process begins today and will be completed on June 24, with the company scheduled to be listed on the Indonesia Stock Exchange on July 8. In the IPO, Chandra Asri Pacific’s stake in the company will be reduced to 60%, while Thailand’s electric power company’s unit Phoenix BV will own 30%.
Chandra Daya will use the funds raised from the IPO to expand the company’s logistics and port operations. Currently, it operates seven vessels carrying chemical and gas and has two docks for handling large vessels.
Its parent, Chandra Asri, has been expanding in Indonesia and Southeast Asia. It is building a $800 million chemical plant near its existing plant in Cilegon, about 100 kilometers west of Jakarta. In Singapore, the company and its partner Glencore purchased Shell’s refinery and Chevron Phillips’ polyethylene plant.
Jakarta-listed Chandra Asri is part of Barito Pacific, which initially focused on wood, became a major player in energy and petrochemicals. Pangestu has a real-time net worth of US$25.1 billion, ranking second among the wealthiest individuals in Indonesia. He also owns shares in publicly traded coal miners Petrindo Jaya Kreasi and Barito Renewables.
