Key Takeaways
- • Andalan Artha Primanusa (ticker ANDA), a Jakarta-based mining contractor, seeks to raise up to 316.76 billion rupiah (about $17.6 million) in an IPO, offering up to 1.676 billion new shares, or 25.1% of enlarged share capital, at 158-189 rupiah per share.
- • The offering implies a valuation of roughly 1.26 trillion to 1.89 trillion rupiah, with Henan Putihrai Sekuritas as sole lead underwriter and a targeted Indonesia Stock Exchange listing on December 1, subject to OJK approval.
- • Andalan will put about 35% of net proceeds (around 107 billion rupiah) toward debt repayment and 65% toward working capital, including fuel, spare parts, lubricants, tyres and operational wages.
- • The IPO comes as 23 Indonesian companies postponed or cancelled listings in 2026 (per OJK data as of October 30), and the Jakarta Composite Index has fallen about 42.7% year-to-date.
Summary
Indonesian mining contractor Andalan Artha Primanusa is seeking to raise up to 316.76 billion rupiah ($17.6 million) through an initial public offering, according to its prospectus dated November 5. The Jakarta-based company, which has operated since 2014 and provides mining contracting services and heavy equipment rentals to the mining sector, plans to offer up to 1.676 billion new shares, representing 25.1% of its enlarged share capital. The indicative price range is 158 to 189 rupiah per share, implying a post-IPO valuation of approximately 1.26 trillion to 1.89 trillion rupiah.
The company targets a listing on the Indonesia Stock Exchange on December 1 under the ticker ANDA, subject to an effective statement from the Financial Services Authority (OJK). Bookbuilding is scheduled for November 5-17, with the public offering running November 24-27. Henan Putihrai Sekuritas is acting as sole lead underwriter. Proceeds will be split: about 35% of net proceeds, roughly 107 billion rupiah, will repay debt, while the remaining 65% will finance working capital, including fuel, spare parts, lubricants and tyres for trucks and heavy equipment, and wages for operational workers. The company also plans to issue up to 239.43 million Series I warrants, with one warrant attached to every seven shares subscribed, exercisable at 695 rupiah each and potentially generating up to 166.4 billion rupiah if fully exercised.
The offering arrives during a difficult period for Indonesian capital markets. According to OJK data, 23 companies postponed or cancelled IPO plans in 2026, out of 38 that had entered the listing process as of October 30, with only seven securing effective statements. OJK's Agus Firmansyah attributed the withdrawals to issuers' assessments of domestic economic and capital market conditions, with some considering 2026 unfavourable for raising public funds. Separately, Swayasa Prakarsa, associated with Universitas Gadjah Mada, postponed its planned listing earlier this year, planning to raise about 45.22 billion rupiah, and must restart its process with updated financials.
The IPO slowdown coincides with a sharp sell-off in Indonesian equities following MSCI's announcement regarding the country's market classification, which raised concerns over market transparency, free-float data and trading practices. The Jakarta Composite Index has declined roughly 42.7% year-to-date, from 8,748 at the start of 2026 to about 5,016 in early November, making Indonesia one of Asia's worst-performing equity markets. Market capitalisation has fallen to approximately 8,876 trillion rupiah from 16,014 trillion rupiah on January 2, raising questions about the timing of new equity offerings amid weaker valuations and more cautious investor demand.
The company targets a listing on the Indonesia Stock Exchange on December 1 under the ticker ANDA, subject to an effective statement from the Financial Services Authority (OJK). Bookbuilding is scheduled for November 5-17, with the public offering running November 24-27. Henan Putihrai Sekuritas is acting as sole lead underwriter. Proceeds will be split: about 35% of net proceeds, roughly 107 billion rupiah, will repay debt, while the remaining 65% will finance working capital, including fuel, spare parts, lubricants and tyres for trucks and heavy equipment, and wages for operational workers. The company also plans to issue up to 239.43 million Series I warrants, with one warrant attached to every seven shares subscribed, exercisable at 695 rupiah each and potentially generating up to 166.4 billion rupiah if fully exercised.
The offering arrives during a difficult period for Indonesian capital markets. According to OJK data, 23 companies postponed or cancelled IPO plans in 2026, out of 38 that had entered the listing process as of October 30, with only seven securing effective statements. OJK's Agus Firmansyah attributed the withdrawals to issuers' assessments of domestic economic and capital market conditions, with some considering 2026 unfavourable for raising public funds. Separately, Swayasa Prakarsa, associated with Universitas Gadjah Mada, postponed its planned listing earlier this year, planning to raise about 45.22 billion rupiah, and must restart its process with updated financials.
The IPO slowdown coincides with a sharp sell-off in Indonesian equities following MSCI's announcement regarding the country's market classification, which raised concerns over market transparency, free-float data and trading practices. The Jakarta Composite Index has declined roughly 42.7% year-to-date, from 8,748 at the start of 2026 to about 5,016 in early November, making Indonesia one of Asia's worst-performing equity markets. Market capitalisation has fallen to approximately 8,876 trillion rupiah from 16,014 trillion rupiah on January 2, raising questions about the timing of new equity offerings amid weaker valuations and more cautious investor demand.
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