PT Pancaran Samudera Transport (PSAT) is preparing to launch its initial public offering (IPO) on the Indonesia Stock Exchange (IDX), with the listing scheduled for July 8, 2025.

The Jakarta-based shipping company aims to release up to 222.35 million new shares, representing 15 percent of its post-IPO issued capital. Shares are offered at a price range of Rp850 to Rp900 each, which could net the company up to Rp200.1 billion (Rp12.2 million). The IPO is underwritten by PT Trimegah Sekuritas Indonesia.

Established in April 2007, the company operates in the field of Domestic Sea Transportation for General Goods and Domestic Sea Transportation for Special Goods. PSAT specializes in ship rental services for bulk cargo transportation, particularly coal. Its fleet includes 36 tugboats, 29 barges, and 2 bulk carriers operated by a subsidiary, used to transport coal, sand, minerals, and other heavy cargo.

With rising energy demand both domestically and internationally, the shipping and coal transport industry is poised for growth. According to the Indonesian Coal Mining Association (APBI-ICMA), the 2025 Domestic Market Obligation (DMO) for coal is projected to reach 229.3 million tons − up 4.05 percent from 2024 − driven primarily by power generation and industrial needs.

This growth presents a strong opportunity for shipping companies to expand coal transport volumes.

"The company can capitalize on this momentum to expand its market, improve operational efficiency, and strengthen its position in the coal shipping industry," the prospectus stated on Monday, June 23, 2025.

From the IPO proceeds, approximately Rp175 billion (US$10.7 million) will be allocated as capital injection into subsidiary PT Pancaran Karya Shipping (PKS), which plans to purchase two bulk carriers. These vessels will support PSAT’s coal transport operations.

The purchase agreement is already in place with affiliated entity PT Pancaran Maritim Transportindo (PMT), with pricing to be determined by an independent appraiser. The remaining funds will be used for working capital, primarily for ship fuel procurement to support domestic operations.

PSAT also revealed plans to begin distributing cash dividends starting in the 2026 fiscal year, with a potential payout of up to 100 percent of net profit after statutory reserves. However, the policy will depend on the company’s financial health and shareholder approval.

Before the IPO, PSAT's fully paid-in capital stood at 1.26 billion shares with a nominal value of Rp800 each, totaling Rp1.008 trillion. The majority shareholder is PT Profitama Hasil Indah, holding 71 percent of shares, followed by PT Surya Mitra Pancaran with 29 percent.

After the IPO, the total shares will increase to 1.482 billion, with public shareholders owning 15 percent. The new ownership breakdown will be 60.35 percent for Profitama Hasil Indah, 24.65 percent for Surya Mitra Pancaran, and 15 percent for the public.

In the fiscal year ending December 31, 2024, PSAT posted a net profit of Rp243.37 billion, a 7.16 percent decline from Rp262.14 billion in the previous year. Revenue also slipped by 4.31 percent to Rp980.16 billion, largely due to a 29.18 percent drop in revenue from the freight charter to freight charter segment and a slight decrease in the owned to freight charter segment.

IPO Timeline:

● Bookbuilding Period: June 23–25, 2025;

● Effective Statement from OJK: June 30, 2025;

● Public Offering Period: July 2–4, 2025;

● Share Allocation Date: July 4, 2025;

● Electronic Distribution of Shares: July 7, 2025;

● Listing on IDX: July 8, 2025.