Jakarta. Ancara Logistics Indonesia is gearing up for its initial public offering (IPO). The shipping company is floating 20 percent of its shares on the Indonesia Stock Exchange (IDX) in the range of Rp 268-278 per share, bringing the projected proceeds to Rp 879.91 billion ($56.25 million).

The book-building period is scheduled to take place from Jan. 17 to Jan. 24, 2024. The public offering period is set for Feb. 1 to Feb. 5, 2024, with the expected listing on Feb. 7, 2024, under the ticker ALII.

Ciptadana Sekuritas Asia and Samuel Sekuritas Indonesia will act as the underwriters.

Before the IPO, the shareholders of Ancara Logistics (ALII) included Graha Adika Niaga with 41.09 percent of shares, Solomed Capital Pte Ltd with 39.48 percent, PT Borneo Logistik Indonesia with 13.77 percent, Nalinkant Amratial Rathod with 2.63 percent, and Aninditha Anestya Bakrie with 3.03 percent.

The controlling parties of the company are Aburizal Bakrie and Nalinkant Amratlal Rathod. Aburizal is represented through Graha Adika Niaga, and Nalinkant Amratlal Rathod is represented through Solomed Capital Pte. Ltd.

Aburizal is the patron of the Bakrie family, one of Indonesia's prominent business families. The Bakrie Group is a conglomerate with interests in various sectors such as energy, agriculture, infrastructure, and telecommunications.

From 2009 to 2014, Aburizal held the position of Chairman of the Golkar Party. Additionally, he served as the Coordinating Minister for Economic Affairs from 2004 to 2005.

Established in 2019, Ancara Logistics Indonesia primarily focuses on managing and supporting logistics services for mining and shipping activities related to the coal mines of affiliated companies, Ade Putra Tanrajeng and Guruh Putra Bersama.

Around 75 percent of the proceeds will be allocated as loans to Ancara's subsidiary company, Mahakam Coal Terminal (MCT). MCT will use the loan to partially pay or settle the principal debt owed to OCP Asia Fund IV (SF 1) Pte Limited and OCP Asia Fund V (SF 1) Pte Limited.

Approximately 20.64 percent will be allocated for capital expenditure to support the company's main business activities, such as the purchase of river barges.

The remaining funds will be used for working capital to support the company's operational activities, including but not limited to fuel purchases, payment of ship operator services, security services, heavy equipment operator services, and others.

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