The stock price of PT Sillo Maritime Perdana Tbk (SHIP) rose significantly by 38.85% to Rp 218 per share until 10:15 pm on the first day of the listing of its shares. Investors see that the business prospects of the transportation of oil and gas issuers are bright because they have a contract with oil and gas companies such as China National Offshore Oil Corporation SES Ltd (CNOOC), Petrochina International Jabung Ltd., and Total E&P Indonesia.
The Company is engaged in the provision of shipping services specializing in offshore fleet to support the upstream oil and gas business by renting ships to foreign companies. According to Sumanto Hartanto, the Director of Operations Sillo Maritime, the company had eight vessels and all of them have been binded by long-term contracts. The average value of contracts reached as high as US$ 15 million to US$ 20 million per year.
SHIP’s share price was the highest at Rp 224 per share. The transaction frequency reached 1,306 times with 32.09 million shares transacted worth Rp 6.3 billion shares. Sillo Maritime became the sixth issuer to be listed on the Indonesia Stock Exchange (IDX) this year. Last December 2015, SILLO reached revenues amounting to US$ 15.6 million and an operating profit of US $ 5.28 million.
Wientoro Prasetyo, the Director of Lautandhana Securindo and underwriter of Sillo Maritime, said at a public offering last 8-10 June 2016 that the company released 500 million shares at a price of Rp 140 per share. The total share offer was oversubscribed by 2 times despite surging demand from the retail side up to 27.47 times. “The allocation for retail investors is 10% and 90% of institutions. All are domestic investors,” said Wientoro. The IPO proceeds amounted to Rp 70 billion. (*)
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