Jakarta. General contractor company Asri Karya Lestari (ASLI) has officially made its debut on the Indonesia Stock Exchange (IDX), becoming the first publicly traded company to go public in 2024. The company offered 1.25 billion new shares, equivalent to 20% of its capital, raising Rp 125 billion ($8.1 million). The proceeds will be utilized for working capital and to support the company's operational activities.

Sudjatmiko, the CEO of Asri Karya Lestasi, sees this IPO as a strategic move to enhance business expansion, financial stability, and better governance and transparency principles. "We hope it will add value for us and our stakeholders," he said in Jakarta on Friday.

However, the company's shares experienced a 16% decline, falling from the opening price of Rp 125 to Rp 84 as of Friday afternoon.

Sudjatmiko further revealed that following the IPO, ASLI is set to accelerate the acquisition of assets and projects in 2024. Currently, the company is actively engaged in several strategic national projects in Java and Indonesia's New Capital Nusantara.

"We have already signed contracts for projects in Nusantara, especially toll roads. In Balikpapan-Nusantara, starting from last year, the contract value is Rp 30 billion. However, our projects are diverse, not only in Nusantara. In Java, we have projects such as the Serang-Panimbang toll road, Semarang-Demak toll road, Probowangi toll road, and the ongoing flyover project in Deltamas, Cikarang to enhance connectivity to cities and districts," he said.

Asri Karya maintains its solid financial position as of June 30, 2023, with total assets reaching Rp 382.75 billion, liabilities at Rp 37.09 billion, and equity at Rp 345.66 billion.

In terms of revenue and net profit, Asri Karya showcased robust performance in 2022, with revenues amounting to Rp 169.31 billion and a net profit of Rp 18.94 billion. This reflects substantial growth compared to the previous year, where in 2021, the company recorded revenues of Rp 111.66 billion and a net profit of Rp 10.08 billion.

Looking at the first half of 2023, ASLI continued its positive trajectory with revenues of Rp 82.61 billion and a net profit of Rp 10.75 billion as of June 30, 2023. Asri Karya projects a 30% growth in profit for the year 2024 compared to the previous year. 

The IDX has set an ambitious target to have 1,000 listed companies by the end of 2024. Currently, the number of listed companies stands at 903. Throughout 2023, Indonesia's capital market welcomed 79 new listed companies, raising a total of Rp 54.14 trillion ($ 3.5 billion). The IDX has received applications from eight companies set to launch their initial public offerings (IPOs) in January.