BSA Logistics Prices IPO at Top End, Targets Rp 302 Billion Raise
BSA Logistics Prices IPO at Top End, Targets Rp 302 Billion Raise
Jakarta. BSA Logistics Indonesia has set its initial public offering price at Rp168 per share, near the top end of its marketed range, as Indonesia’s equity market continues to see steady deal flow despite global volatility.
The logistics firm is offering 1.8 billion shares, equivalent to 20.75% of its enlarged capital, raising Rp302.4 billion (about $17.8 million). The price compares with an earlier bookbuilding range of Rp 150 to Rp 170 per share during March 25–27.
The IPO enters its public offering phase from April 2 to April 8, with allotment scheduled for April 8 and share distribution on April 9. The stock is set to debut on the Indonesia Stock Exchange on April 10.
OCBC Sekuritas Indonesia and Semesta Indovest Sekuritas underwrite the offering.
Proceeds will be primarily used to acquire a 99.99% stake in Bermuda Inovasi Logistik from Bermuda Nusantara Logistik, signaling an expansion push through consolidation. The remaining funds will be allocated to working capital, including daily operations, liquidity management, and strengthening multimodal logistics capacity.
Founded in 2021, BSA operates as an integrated logistics provider offering end-to-end supply chain services across domestic and international markets. Its business spans transportation, freight forwarding, and warehousing, with customizable solutions tailored to client needs.
The company’s financials point to rapid growth. As of September 2025, revenue rose 29.06% year-on-year to Rp1.54 trillion, up from Rp1.19 trillion in the same period a year earlier. Net profit climbed sharply to Rp24.39 billion in the first nine months of 2025, compared with Rp1.54 billion previously.
On the balance sheet, current assets stood at Rp1.15 trillion at the end of September 2025, up from Rp874.06 billion a year earlier, reflecting improved liquidity as the company scales up operations.
Before the IPO, the company was majority-owned by Tiga Beruang Kalifornia Pte Ltd, which held 99.69%, with the remainder owned by Permata Gandaria Indah. The controlling shareholder is jointly held by Commissioner Andree and President Director Edwin Wibowo.
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