Although the first semester of 2023 has not ended yet, Dentons HPRP has successfully closed six Capital Market transactions which five of them has been listed on the Indonesian Stock Exchange, consist of Bonds Issuance and Initial Public Offerings. The issuers come from various sectors, including state-owned company, a digital technology company, and an advertising related company. These successful transactions indicate that the economic market in Indonesia has revived since the COVID-19 pandemic.

In the early part of the year, the team successfully assisted the seventh bond public offering issuance of PT Danareksa (Persero) worth a total of Rp.1 trillion. The transaction consisted of two bonds series: Series A, with an issuance value of Rp.255 billion, and Series B, with an issuance value of Rp.745 billion. PT Danareksa (Persero) has just transformed into a state-owned enterprise engaging in business as a holding company for subsidiaries from various sectors, i.e. financial services, industrial estates, water resources, construction services, manufacturing, media and technology, and transportation and logistics. The bonds issuance that was effectively listed on the Indonesian Stock Exchange (IDX) on February 9, 2023 was the first bonds issuance after the transformation of Danareksa.

In another capital market transaction in the same month, Dentons HPRP successfully closed its first IPO listing this year by acting as the legal counsel for PT Aviana Sinar Abadi Tbk., a technology and application system development company, in its listing on the Indonesian Stock Exchange (IDX). The listing was made official on 7 February 2023 under the stock code “IRSX”. Through the IPO, IRSX successfully issued 1 billion shares worth Rp.101billion. The funds collected were allotted for the expansion of IRSX’s operating subsidiaries in, among others, the procurement of a Payment Point Online Bank and application system that is being developed by one of its subsidiaries.

Still in the same month, Dentons HPRP successfully closed the listing of PT Lini Imaji Kreasi Ekosistem Tbk., a company engaging in the advertisement, digital media and technology business, on 27 February 2023 under the stock code “FUTR”. The total amount raised from the IPO process was approximately Rp127.8 billion, which was allotted for working capital, business expansion, and the development of the company’s so called "gudang kreativ" – a platform that functions as a creative hub and focuses on the production of character designs, avatars, and even placeholders in digital ecosystems.

In the following month, Dentons HPRP successfully closed the listing of PT Teknologi Karya Digital Nusa Tbk., a company engaging in the technology and transportation solutions business, and projected to be a game changer in the transportation business in Indonesia. The listing was on 8 March 2023 under the stock code “TRON”. Through the IPO, TRON successfully issued 750 million shares worth Rp135 billion. Moreover, during the IPO, TRON also executed an Employee Stock Allocation program for as much as 5% of the issued shares or amounting to 37,5 million shares. The proceeds from the IPO are allocated for capital expenditure and operational expenditure for smart city development projects and transportation business solution services in various cities in Indonesia.

Last month, Dentons HPRP successfully assisted PT Era Media Sejahtera Tbk., an advertising company, in the important milestone of the company’s listing on the IDX. The listing was on 8 May 2023 under the stock code “DOOH”. The total amount raised from the IPO process was approximately Rp 185.7 billion, which was allotted for the client’s working capital and capital expenditure – particularly for the procurement of advertising assets to be located in 206 places.

Recently this month, Dentons HPRP successfully assisted PT Maxindo Karya Anugerah Tbk., an Indonesia-based snack manufacturer which operates in the tropical roots-based snack, in its IPO. The company’s shares will be listed on 12 June 2023 under the stock code “MAXI”. The total amount raised from the IPO process was approximately Rp 100 billion, which was allotted for the client’s working capital – consisting of the purchase of both the raw materials and auxiliary raw materials, labor wages, sales and marketing costs, maintenance and utility costs, and expenses for office supplies.

Aside from the above six capital market transactions closed before the end of the first semester of 2023, Dentons HPRP is in the process of assisting more companies from various industries to elevate their business by stepping into the public company game.

The Dentons HPRP Capital Market team, led by Partner, Erwin Kurnia Winenda and supported by Senior Associate, Rio Febrianus Pasaribu, and Associate lawyers Rafi Andiandra Wardhana, Ronny Chrismanto Ginting, Fremi Rovi Raturandang, Raisha P. Diamar, Kevin Hans Silitonga, Beatrix Deviana Mukin, and Shevanya Kinanti Putri, acted as the sole legal counsel in assisting in the above significant transactions. The assistance rendered included legal advisory, legal due diligence, preparing all requirements and documents for the transaction and coordinating with the clients and other supporting professionals (i.e.: underwriter, independent appraisal, notary, and financial auditor) for obtaining the effective letter from the Financial Services Authority (OJK).

With its extensive experience in the Capital Market practice, Dentons HPRP has been successfully assisting corporations in various industries. Please contact the partner listed under key contact for further details.

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