PT Pupuk Kalimantan Timur (PKT) or Pupuk Kaltim, a subsidiary of state-owned fertilizer company PT Pupuk Indonesia, has outlined the company's plan for an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) as part of its comprehensive business strategies.

Founded in 1977, Pupuk Kaltim is engaged in the production of fertilizers and ammonia. It currently has six factories in Bontang, East Kalimantan.

Anggono Wijaya, Pupuk Kaltim Vice President for Corporate Communications, said that technically the company is ready to hold an IPO. 

He, however, cited that as a state-owned company, Pupuk Kaltim cannot simply hold an IPO as the final decision is still awaiting direction from the Ministry of State-Owned Enterprises (SOEs) and shareholders, including the holding company. 

According to him, there have been no further instructions from shareholders so far.

"God willing, it's ready. Anytime asked (about the IPO) we've prepared, just wait and see," Anggono said on Saturday, February 22, 2025.

Previously, Rahmad Pribadi, President Director of PT Pupuk Indonesia, stressed that Pupuk Kaltim would conduct an IPO if the company's valuation was high.

To carry out an IPO or other corporate action requires a number of parameters, namely the company's readiness, which Rahmad said is the management's task.

Currently, Pupuk Kaltim is continuing to maintain its performance, with one of the market factors that must be followed as a benchmark for the right time for an IPO.

Another factor to pay attention to is the decision of shareholders, such as the Ministry of SOEs. 

Lastly, Rahmad said, Pupuk Indonesia itself is undergoing a massive transformation, one of which is expanding the chemical industry so that it is not only a petrochemical industry.

"Of course we need many things, funds and so on. Later we will see when and how this IPO can support the major transformation of Pupuk Indonesia which will become a chemical company," Rahmad said in September 2024.