Post-IPO, BSA Logistics Indonesia (WBSA) Plans Expansion into Shipping Logistics

PT BSA Logistics Indonesia Tbk (WBSA) plans to expand into the shipping logistics sector. This logistics services provider has just listed on the Indonesia Stock Exchange (BEI) today, Friday (10/4/2026). WBSA becomes the first issuer to list on the Indonesia Stock Exchange in 2026. WBSA’s President Director, Edwin Wibowo, stated that the company currently operates logistics services encompassing trucking, warehousing, and freight or cargo. According to the prospectus, after deducting issuance costs, the majority of the IPO proceeds, amounting to Rp 215 billion, will be used to take over a company named PT Bermuda Inovasi Logistik (BIL). WBSA will purchase 191,250 shares of BIL from PT Bermuda Nusantara Logistik (BNL). This amount is equivalent to 99.99% of BIL’s total issued and fully paid-up capital. The acquisition will be completed after fulfilling all Preliminary Requirements, at the latest six months after the end of the fiscal year on 31 December 2025. Notably, WBSA and BNL share the same ultimate beneficial owners, namely Andree and Edwin Wibowo, who currently serve as President Commissioner and President Director of WBSA, respectively. Meanwhile, the remaining IPO proceeds will be allocated for the company’s working capital, including supporting daily operational activities, maintaining business liquidity, and strengthening the capacity of its multimodal logistics services. “There will also be shipping in the future, because Indonesia is a maritime nation. We want to integrate the whole of Indonesia,” he said when met after the IPO at the BEI Building on Friday (10/4/2026). “WBSA relies on a collaboration model with vendors in various regions, from Sumatra, Kalimantan, and Sulawesi,” he revealed. Currently, WBSA has around 1,000 vehicles in its fleet. However, the company is open to adding more vehicles in the future, considering business needs and market conditions. Edwin emphasised that the main value sought from the ship fleet acquisition is not just adding asset ownership, but also synergies between business lines. “Integration between ship fleets, trucks, and warehouses is crucial for improving operational efficiency,” he said. Furthermore, WBSA views one of the main challenges in Indonesia’s logistics sector as high uncertainty that impacts operational costs. As a result, delays in goods delivery often occur due to lengthy waiting processes between transport modes. “For example, the ship has to wait because the truck hasn’t arrived or vice versa,” he explained. Through this IPO, WBSA offered 1.8 billion shares, equivalent to 20.75% of the issued and fully paid-up capital post-IPO. The IPO share price of WBSA is Rp 168 per share, at the upper end of the bookbuilding range of Rp 150–Rp 170 per share. At that price, the company raised fresh funds of Rp 302.4 billion in this corporate action.