Chandra Daya Investasi, a company involved in infrastructure and backed by Indonesian billionaire Prajogo Pangestu, is preparing to go public. The company is owned by Chandra Asri Pacific, a major petrochemical firm also controlled by Pangestu. When Chandra Daya goes through its initial public offering (IPO), it will be valued at around 23.7 trillion rupiah, which is equal to about $1.4 billion USD.
Chandra Daya Investasi runs a 120-megawatt power plant near Jakarta. This plant provides electricity to over 200 businesses and around 1,600 households. Now, the company is planning to sell up to 12.4 million new shares, which is 10% of the company’s total shares, during this IPO.
The price for each share will be between 170 and 190 rupiah. Through this public offering, the company hopes to raise as much as 2.4 trillion rupiah, or around $144 million.
According to Fransiskus Ruly Aryawan, the president director of Chandra Daya Investasi, this IPO is more than just a fundraising effort. He said the company wants to become a strong partner for industries and open up new opportunities for working together. The aim is to bring long-term benefits to everyone involved—investors, partners, and customers.
The book building process (which helps determine the final share price based on investor demand) started on June 20 and will end on June 24. The company plans to be officially listed on the Indonesia Stock Exchange (IDX) on July 8.
Once the IPO is complete, Chandra Asri Pacific will still be the main owner with 60% of the shares. Another large shareholder will be Phoenix BV, a subsidiary of Thailand’s Electricity Generating Public Company, which will hold 30% of the shares after the IPO.
The money raised from selling shares will be used to grow Chandra Daya’s logistics and port services. Right now, the company owns and operates seven ships that transport chemicals and gas. It also runs two large docks that can handle big vessels. These assets are important for the company’s role in moving industrial goods and materials.
Chandra Daya’s parent company, Chandra Asri, is also expanding its reach in Indonesia and across Southeast Asia. For example, Chandra Asri is currently building a new chemical factory near its existing site in Cilegon, which is about 100 kilometers from Jakarta.
The new plant will cost around $800 million USD. In addition, Chandra Asri and its business partner Glencore recently acquired a refinery from Shell and a polyethylene factory from Chevron Phillips in Singapore. These acquisitions are part of the company’s plan to grow its presence in the regional petrochemical industry.
Chandra Asri is part of Barito Pacific, a larger company that used to focus on the timber business. Over time, Prajogo Pangestu transformed Barito Pacific into a major name in the energy and petrochemical sectors.
Today, Pangestu is considered one of the richest individuals in Indonesia. As of now, his estimated net worth is $25.1 billion, placing him among the country’s top billionaires.
Apart from his involvement in Chandra Asri and Chandra Daya, Pangestu also owns shares in Petrindo Jaya Kreasi, a coal mining company, and Barito Renewables, a business focused on green energy.
