PT Agro Bahari Nusantara Tbk, a company specializing in shrimp farming and aquaculture, gears up for its debut on Indonesia Stock Exchange (BEI). The company plans to offer 500 million new shares, equivalent to 28.57% of its issued and fully paid-up capital, in an initial public offering (IPO).
According to the prospectus released by Agro Bahari Nusantara, the company has set a nominal value of IDR 10 for its shares, with an offering price range of IDR 90 to IDR 100 per share. This strategic corporate move is expected to raise up to IDR 50 billion in fresh capital for Agro Bahari Nusantara.
All funds generated from this IPO, after deducting emission costs, will be entirely allocated by the company. A substantial portion, approximately 88.89%, will be dedicated to expanding the shrimp farming business by establishing new shrimp ponds.
The proposed new shrimp ponds will be located in the Bangka Belitung Islands Province, under Agro Bahari Nusantara’s subsidiary, PT Marina Bahari Sentosa, of which the company owns a 99.99% stake.
The allocation of funds for MBS is as follows: 81.81% will be allocated for capital expenditures to support the construction of MBS’s shrimp ponds.
Approximately 18.19% will be utilized for working capital needs, such as the purchase of shrimp seeds, shrimp feed, minerals, probiotics, operational salaries, electricity costs, general operational expenses, and expert consultations for legal documentation.
The remaining funds will be used for the company’s working capital needs, including the purchase of shrimp seeds, shrimp feed, minerals, probiotics from third parties, as well as salaries, electricity, and general operational expenses.
In addition to the IPO, the company plans to issue up to 400 million Series I warrants, equivalent to 32% of the total issued and fully paid-up shares. The Series I warrants will be priced at IDR 10 per share with an exercise price ranging from IDR 100 to IDR 110. The total proceeds from the exercise of Series I warrants could reach IDR 44 billion.
The tentative schedule for Agro Bahari Nusantara’s public offering is as follows:
- Initial offering period: October 6, 2023, to October 12, 2023
- Effective date: October 19, 2023
- Public offering period: October 23, 2023, to October 26, 2023
- Allotment date: October 26, 2023
- Share distribution date: October 27, 2023
- Share and Series I warrant listing date: October 30, 2023
- This strategic move by Agro Bahari Nusantara is poised to create opportunities for investors and promote growth in Indonesia’s aquaculture sector. The IPO and subsequent expansion plans signal a promising future for the company and potential investors alike.
