Shares Surge 203% After IPO, BSA Logistics (WBSA) to Proceed with Acquisition and Accelerate Expansion
JAKARTA. PT BSA Logistics Indonesia Tbk (WBSA) officially listed its shares on the Indonesia Stock Exchange (BEI) on Friday (10/7/2026). WBSA became the first issuer to conduct an initial public offering (IPO) in 2026.
The company, founded in 2021, operates in the transportation and logistics sector. This includes multimodal transport, motorised transport for general cargo, motorised transport for special cargo, warehousing and storage, cold storage activities, and holding company activities.
“Our vision is to become the most integrated logistics company in Indonesia. Therefore, we will continue to develop by expanding coverage and achieving the most complete integration,” said Edwin Wibowo, President Director of WBSA, when met by Kontan at the BEI Building on Friday (10/4/2026).
The share takeover will be carried out no later than six months after the end of the fiscal year on 31 December 2025. The nature of WBSA’s relationship with BNL is the commonality of board of directors and commissioners members, as well as ultimate beneficial owners with the Company, namely Andree and Edwin Wibowo.
The remaining funds will be used as working capital, such as to support daily operational activities, maintain business liquidity, and strengthen multimodal logistics service capacity.
Edwin stated that the acquisition of BIL provides broader access to the primary industry sector, particularly mining and upstream commodities, which have large domestic transport needs in volume and good long-term growth prospects.
The combination of WBSA and BIL’s complementary operational networks will also expand the reach of services and increase the Company’s market penetration in operational areas after the acquisition, especially outside Java.
The merger of WBSA and BIL’s customer bases will also improve customer distribution, as well as reduce WBSA’s concentration and dependence on major customers. In addition, the acquisition of BIL will create a more balanced revenue concentration across several industry groups, thereby reducing the negative impact from business cycles in certain sectors.
Strengthening multimodal integration with BIL’s sea transport services creates opportunities to offer integrated services to customers and increase the Company’s market penetration.
“Our vision is to minimise waiting time or dwelling time to become more efficient, thereby improving profit margins,” explained Edwin.
Edwin views the logistics sector as one of the sectors supporting economic growth. Indonesia’s geographical character as an archipelagic country drives the need for integrated logistics services between land, sea, and air transportation, with storage facilities, as well as port and customs processes.
The still fragmented industry structure makes service users tend to choose providers with one-stop services because of simpler workflows and reduced risks of delays due to multiple transshipment points. This provides opportunities for service providers with integrated multimodal services with national geographical coverage and strategic assets in major logistics hubs, including warehousing facilities and container depots around main ports.
Furthermore, primary and intermediate industries outside Java are developing along with downstreaming programmes and the equalisation of growth centres. Goods flow to and from Sumatra, Kalimantan, Sulawesi, and Eastern Indonesia is expected to increase, thus demand for inter-island transport services as well as port services, including container depots and loading/unloading, will rise.
The Company’s position with extensive operational track record outside Java provides room to capture this growth.
Nevertheless, Edwin acknowledges several risks. For example, risks of fuel oil fluctuations and other operational costs. The Company’s operational costs are influenced by fuel prices, toll rates, spare parts and maintenance, labour wages, and third-party service costs including transport vendors.
Increases in these cost components can raise operational costs and lower the Company’s margins.
“If we view the logistics prospects as still positive, because everyone needs logistics, although times and conditions always change. But I say that all problems can become problems or opportunities,” said Edwin.
WBSA is optimistic about delivering sustainable growth and creating long-term value added for all stakeholders.
Although not yet willing to mention the percentage growth or profit targets for this year, Edwin conveyed that going forward, with targeted expansion strategies, integrated business models, as well as infrastructure support and technology adoption, it can achieve good performance.
To date, Edwin mentioned that the fleet operating to support WBSA’s performance consists of around 1,000 trucks. The operational coverage is also spread across various regions in Sumatra, Kalimantan, Sulawesi, and other places. In the future, the operating fleet is likely to increase along with the Company’s expansion.
“We know that the logistics market is very large and also requires significant capital to develop. In my opinion, the logistics market in Indonesia is large and in terms of market share, the total addressable market is also very large,” explained Edwin.
As is known, the company recorded revenue of Rp1.54 trillion and net profit of Rp24.39 billion as of September 2025. In the IPO, WBSA offered 1.8 billion new shares or equivalent to 20.75% of the placed and fully paid-up capital, at an offering price of Rp168 per share. Thus, the company successfully raised funds of Rp302.4 billion.
Nevertheless, for investor protection, BEI informed of an unusual price increase in the shares of PT BSA Logistics Indonesia Tbk (WBSA) that is out of the ordinary (Unusual Market Activity). The Unusual announcement