Palmco subholding on its way to IPO by year-end
JAKARTA. The state-owned plantation enterprise, PT Perkebunan Nusantara III (PTPN III) plans to conduct its initial public offering (IPO) at the end of 2023, following the formation of PalmCo subholding that is expected to be completed in June 2023.
“After the subholding is officially established, then, in parallel, PalmCo will hold its IPO at the end of this year,” Dwi Sutoro, Director of PTPN III, confirmed. He said that the company will utilise the proceeds of the IPO to reinforce investments in the downstreaming processes of PalmCo. Sutoro has yet to disclose the specific number of shares issued in the IPO. However, he mentioned that Mandiri Sekuritas will assist PTPN III in the IPO process, along with McKinsley as the consultant.
PTPN III is aiming to gather palm plantation businesses under PalmCo, from which Sutoro expects to generate revenue of up to IDR 40 trillion in 2023. In 2022, the total revenue of PTPN III clocked up to IDR 56 trillion and net profit of IDR 5.5 trillion.
This year, the management has set the revenue target to IDR 60 trillion, IDR 40 trillion of which will come from the palm segment, according to Sutoro quoted by Bisnis earlier this week (7/3) in Bali. (AM/ZH)
