TEMPO.CO, Jakarta - State construction and investment company PT PP is eyeing to book Rp13 trillion IPO proceeds from three subsidiaries.
President director Tumiyana said the subsidiaries, PT PP Pracetak, PT PP Peralatan and PT PP Energi, will hold IPOs with proceeds targets of Rp3.5 trillion, Rp3.8 trillion and Rp5.7 trillion, respectively.
"Our target if for their market cap to reach Rp55 trillion," Tumiyana said on December 6, Bisnis Indonesia reported.
PTPP's management also plan to have a capital expenditure budget of Rp26 trillion in 2017, or up by more than six-folds compared to 2016's estimate of Rp4 trillion actuated capex.
PTPP is engaged mainly in the construction sector and has other business lines including property, EPC, equipment, and infrastructure investment. PTPP is also gearing up to enter the transportation sector by producing metro capsules, a rail-based public transportation.
As of Q3/2016, the company's revenue grew 23.6 percent to Rp10.84 trillion.
