PT Pancaran Samudera Transport (PSAT), a coal shipping and marine logistics company, is set to debut on the Indonesia Stock Exchange (IDX) on July 8, 2025, through an Initial Public Offering (IPO) of 222.35 million new shares, equivalent to 15 percent of the company’s enlarged issued and paid-up capital post-IPO.

Ahead of the listing, PSAT's IPO has drawn considerable interest from retail investors. Many have taken to social media and investor forums to report receiving only 1 to 3 lots despite ordering under 100 lots − indicating strong demand and limited share allocation for smaller investors.

The IPO shares are offered at Rp900 per share, the top end of the initial price range, which reflects solid investor confidence. With this pricing, the company expects to raise up to Rp200 billion (US$12.3 million). PT Trimegah Sekuritas Indonesia acts as the underwriter for the offering.

Ownership and corporate background

Prior to the IPO, PSAT was fully owned by two entities:

● PT Profitama Hasil Indah (71 percent);

● PT Surya Mitra Pancaran (29 percent).

Post-IPO, the shareholding structure will change as follows:

● PT Profitama Hasil Indah: 60.35 percent;

● PT Surya Mitra Pancaran: 24.65 percent;

● Public shareholders: 15 percent.

PSAT was established in April 2007 and is headquartered in North Jakarta. The company specializes in vessel rentals, primarily for coal transportation, and operates a sizeable fleet comprising: 36 tug boats, 29 barges, 2 bulk carriers (via subsidiaries).

This fleet supports the movement of coal, sand, and other mining materials across Indonesian waters.

Market outlook and growth strategy

The company’s IPO comes at a time when Indonesia's coal shipping industry is projected to expand, supported by rising domestic and export energy needs. According to data from the Indonesian Coal Mining Association (APBI-ICMA), the government’s Domestic Market Obligation (DMO) target for coal in 2025 is 229.3 million tons, a 4.05 percent increase from 2024.

PSAT aims to capitalize on this momentum by using the IPO proceeds to enhance operations and broaden market reach, particularly in response to growing freight demand from the power generation and industrial sectors.

Financial highlights

In 2024, PSAT recorded a net profit of Rp243.37 billion, down 7.16 percent from 2023, aligned with a decline in revenue to Rp980.16 billion, compared to Rp1.02 trillion the year before.

The company’s freight charter-to-freight charter segment saw the steepest drop at 29.18 percent, while the owned-to-freight charter segment declined slightly by 0.67 percent.

Despite the dip, PSAT has signaled its intention to begin distributing dividends starting from the 2026 fiscal year, depending on future earnings and shareholder approval. The dividend payout ratio could reach up to 100 percent of net income after mandatory reserves.