BSA Logistics Targets Rp 306 Billion in Funds, Sets IPO Price at Rp 150-Rp 170
Jakarta, CNBC Indonesia — The logistics services company, PT BSA Logistics Indonesia Tbk, is preparing to list on the Indonesia Stock Exchange (BEI) through an initial public offering of shares (IPO).
In the initial prospectus issued, the company will offer up to 1.8 billion shares, equivalent to 20.75% of the placed and fully paid-up capital after the IPO. The offering price is in the range of Rp 150-Rp 170 per share.
Thus, BSA has the potential to raise a maximum of around Rp 306 billion from this corporate action.
The majority of the IPO proceeds will be used for inorganic expansion. The company has allocated around Rp 215 billion to acquire 99.99% of the shares in PT Bermuda Inovasi Logistik (BIL), a company also owned by the indirect shareholders of BSA Logistics.
Meanwhile, the remaining funds will be used as working capital, including to support operations and strengthen multimodal logistics service capacity.
The initial offering period (bookbuilding) is scheduled for 25-27 March 2026, while the public offering is scheduled for 1-8 April 2026. The company’s shares are targeted to start trading on the BEI on 10 April 2026.
OCBC Sekuritas and Semesta Indovest Sekuritas will act as the underwriters for the implementation. The emission underwriters will be determined later.
For information, BSA is a company operating in integrated logistics services, covering multimodal transportation, warehousing, cold storage, and freight forwarding.
Management assesses that the logistics business prospects remain wide open, driven by Indonesia’s character as an archipelagic nation, increased downstreaming activities, and growth in inter-regional goods flow.
In addition, the trend among corporate customers of starting to pay attention to sustainability aspects is also seen as an additional opportunity for the company to expand its customer base.
On the other hand, the company discloses several business risks, one of which is related to dependence on work contracts with customers. Termination or non-renewal of contracts could directly impact financial performance.
In addition, there is also a risk related to stock liquidity in the secondary market, given that there is no guarantee the shares will be actively traded after listing. This is due to the possibility that the company’s shares will be owned by one or several specific parties who do not trade the shares in the secondary market.
Prior to the IPO, the ownership structure of BSA Logistics Indonesia’s shares is concentrated among controlling shareholders.
Notably, the main shareholder, Tiga Beruang Kalifornia Pte. Ltd., controls around 99.69% of the shares, while the remaining 0.31% is owned by PT Permata Gandaria Indah (PGI).
However, after the IPO, the ownership composition will undergo significant changes with the entry of public investors.
The main shareholder will be diluted to around 79.01%, while PGI will drop to 0.24%. Meanwhile, the public will own around 20.75% of the company’s shares.
Meanwhile, according to the prospectus, BSA Logistics is currently led by Edwin Wibowo as the president director. He is also recorded as an indirect shareholder of the company.
In addition, there is also the name Willson Cuaca in the commissioner position at BSA Logistics. He is also recorded as a director at Tiga Beruang Kalifornia, president commissioner of Fore Kopi Indonesia (FORE), and founder & managing partner of East Ventures.