65 / 76
63
august
, 2018
PT Pollux Properti Indonesia Tbk
conducted an
initial public offering in July at an opening price
of Rp 615 per share. Shortly after the offering, its
share price shot up by around 49 percent to Rp
920 apiece. The company sold 1.24 billion shares,
equal to 15 percent of its market capitalization,
raising Rp 767.41 billion ($53 million). PT UOB
Kay Hian Sekuritas acted as the underwriter.
Pollux was the 27th company to list on the
Indonesia Stock Exchange (IDX) this year. The
company projects revenue of Rp 1.4 trillion for
the year, with a profit target of Rp 400 billion.
It recorded sales of Rp 500 billion in the first
quarter.
Proceeds from the IPO will go towards
corporate development, mainly for the acquisition
of Rp 750 billion worth of PT Royal Royce
Properties bonds from PT World Apparel and PT
Surya Masindo. The bonds will be converted to
new shares, while the remaining funds will be
used for capital expenditure.
Pollux is a well-known property developer
in the greater Jakarta area, having undertaken
several projects, including Chadstone in Cikarang,
West Java, Pollux Technopolis in Karawang, West
Java, and World Capital Tower in Mega Kuningan,
South Jakarta.
Pollux is owned by Po Soen Kok, who started
off in the garment industry during the 1980s.
The company is also active in Singapore, having
undertaken several projects, including Park
Residences Kovan, Metro Loft, Pavilion Square
and Golden Park Residences.
Pollux, which has a total landbank of 60
hectares in Indonesia, has set aside Rp 1.2 trillion
for capital expenditure this year, compared with
last year’s Rp 800 billion.
The parent company in Singapore, Pollux
Properties Ltd, is led by chief executive Nico
Purnomo Po, the son of Po Soen Kok, while former
Indonesian National Police chief Timur Pradopo
serves as an independent commissioner.
Pollux Raises More Than
Rp767 Billion in IPO
By eko Prasetyo