Wintermar to raise $39m from IPO

Indonesian shipping company PT Wintermar Offshore Marine will issue a 25.35 percent or around 900 million new shares in an initial public offering (IPO) in November to raise S$39.3 million in fresh fund.

Wintermar had appointed Ciptadana Securities, Bahana Securities and CIMB Securities Indonesia as underwriters of the IPO, managing director Sugiman Layanto said last week.

Wintermar intends to list shares on the Indonesia Stock Exchange (IDX) on Nov. 26 and hold its initial offering from Nov. 18 to 22.

He said that 71.8 percent of the funds to be raised from the IPO would be used to purchase new vessels including accommodation barges, crew boat, fast utility vessel, anchor handling tugs, anchor handling tugs supply, ASD tug boats, platform supply vessels and crane barges.

Sugiman said that besides raising money from IPO, the company was still seeking $80 million in loans to buy new vessels.

Wintermar has sought loans from several banks, including OCBC (NISP), CIMB Niaga, and UOB Buana, Layanto said.

Aside from the purchase of vessels, 15.5 percent of the IPO proceeds would be used to pay loans and 12.7 percent to be spent as working capital for the company and its subsidiaries.

Wintermar, established in September 1970, currently owns 80 vessels, including tugboats, oil barges, crew boats, fast utility vessels, anchor handlers and oil tankers. (godang)