Wednesday, May 29, 2024

ATLA makes debut on Indonesia stock exchange

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PT Atlantis Subsea Indonesia (ATLA) made a remarkable debut on the Indonesia Stock Exchange (BEI) on April 16, 2024, raising IDR 120 billion (US$7 million), and thus becoming the 21st issuer on the exchange this year. 

Established in 2016, PT Atlantis Subsea Indonesia focuses on providing multidisciplinary survey support, particularly in sectors such as oil and gas, energy (including renewable energy), and marine infrastructure. The company has strategic partnerships with various international firms, enabling it to conduct marine surveys and research worldwide.

During its initial public offering (IPO), ATLA shares opened strongly at IDR 132 per share. Subsequently, the stock soared to touch the Auto Reject Up (ARU) limit of 35 percent, reaching IDR 135 per share at 9:06 am. 

The IPO was priced at IDR 100 per share, representing the lower end of the bookbuilding range of IDR 100–120 per share. ATLA offered 1.2 billion shares, equivalent to 19.36 percent of its issued and fully paid-up capital, raising up to IDR 120 billion in fresh funds through the IPO.

Following its IPO, ATLA had a trading volume of 74.90 million shares with a transaction value of IDR 10.10 billion and a trading frequency of 3,923 times. The market capitalization of Atlantis Subsea Indonesia stood at IDR 836.93 billion.

Yophi Kurniawan Iswanto, President Director of PT Atlantis Subsea Indonesia, highlighted the significance of the IPO in supporting the company’s financing needs for working capital. 

He emphasized that this move would enhance the company’s competitiveness, transparency, and accountability, ensuring robust corporate governance practices.

Furthermore, Yophi stated that ATLA would remain open to business opportunities post-IPO to foster growth. The company sees significant potential in survey and inspection services, not only in oil and gas but also in renewable energy sectors. The IPO momentum will accelerate ATLA’s growth and strengthen its financial foundation.

Concurrently, the company issued 1.74 billion series I warrants, representing 34.80 percent of its total issued and fully paid-up capital, with an exercise price of Rp 300 per warrant. 

Each holder of 20 new shares is entitled to receive 29 series I warrants, allowing them to purchase one new ATLA share. The total proceeds from the series I warrants issuance amount to IDR 522 billion. During the IPO, the company appointed PT Artha Sekuritas Indonesia as the lead underwriter for the securities issuance.

The funds raised from the IPO, after deducting related issuance costs, will be allocated as follows:

– Approximately 36.74 percent will be used for purchasing equipment to support the company’s operational activities.

– The remainder will be utilized for working capital purposes, including equipment installation costs, technical support expenses, expert fees, research and survey costs, transportation and accommodation expenses, maintenance costs, rental expenses, employee salaries, and other related expenses.

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