Jakarta. Shipping and logistics firm Pelayaran Jaya Hidup Baru (PJHB) made its market debut on the Indonesia Stock Exchange (IDX) on Thursday, marking the 24th initial public offering (IPO) of the year.

PJHB shares surged 24.8 percent from their offering price of Rp 330 to Rp 412 apiece shortly after trading began. Pilarmas Investindo Sekuritas acted as the lead underwriter for the offering.

The company issued 480 million new shares, representing 25 percent of its total equity, to strengthen its funding structure and accelerate business expansion.

“The IPO is a strategic step to reinforce our capital base and speed up our growth plans,” said PJHB President Director Go Sioe Bie. “All proceeds, after deducting issuance costs, will be allocated to capital expenditure for the construction of three new LCT-type vessels with a capacity of 2,500 DWT each.”

According to Go, the new vessels will help boost PJHB’s fleet capacity and meet rising demand for the transportation of heavy equipment and containers. Of the total investment for the ships, about Rp 153.4 billion ($9.2 million) or  94.11 percent will come from IPO proceeds, while the remaining Rp 9.6 billion or 5.89 percent will be funded internally.

The company also issued Series I warrants to new shareholders at no cost, granting one warrant for every two newly issued shares. Each warrant entitles the holder to purchase one PJHB share at Rp 330 per share.

The Series I warrants can be exercised between May 4 and November 4, 2026, potentially generating up to Rp 79.2 billion in proceeds. PJHB plans to use the funds to support working capital needs and operations for its new vessels.

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