PT Pertamina International Shipping (PIS), a subsidiary of State energy company PT Pertamina, is planning to go public through an Initial Public Offering (IPO) on the Indonesia Stock Exchange, aiming for a listing by late 2025 or early 2026.
The company is currently focusing on internal improvements in preparation for the IPO.
“We are planning for an IPO around late 2025 or early 2026,” PIS Corporate Secretary Muh. Aryomekka Firdaus told a media conference in Jakarta on Thursday, September 5, 2024. This move is part of the company’s strategy to increase revenue.
Regarding the size of the stake to be offered in the IPO, Firdaus mentioned that details are not yet finalized, including whether it would involve PIS itself or its subsidiaries.
However, the company has set a revenue target of US$8.9 billion (Rp137 trillion) by 2034, nearly triple its revenue of US$3.3 billion from last year. The IPO is seen as a key strategy for reaching this goal.
“We will also continue expanding both our international and domestic businesses,” he added.
PIS currently operates a fleet of 102 vessels, with an additional 320 vessels in operation. The company owns about one-third of the ships it operates and is looking to increase its fleet size to serve both domestic and international markets.
In addition to the IPO, PIS is also exploring potential mergers and acquisitions, although details of these plans are yet to be disclosed.
For the first half of this year, PIS reported revenues of US$1.72 billion. By the end of 2024, the company expects to achieve revenue of US$3.4 billion, with an Earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$1.32 billion and a net profit after tax of US$500 million.
