Andalan Artha plans IPO at Rp158–Rp189 a share
The Indonesian mining contractor aims to raise up to Rp316.76 billion, with proceeds earmarked for debt repayments and operating capital.
Mining services contractor PT Andalan Artha Primanusa Tbk (ANDA) plans to sell up to 1,676,000,000 new shares in an initial public offering, according to its prospectus. The proposed price range is Rp158 to Rp189 per share, with a maximum fundraising target of Rp316.76 billion.
The offering would represent 25.10 per cent of the company’s issued and paid-up capital after the IPO. Each share has a nominal value of Rp10. PT Henan Putihrai Sekuritas is underwriting the offering on a full-commitment basis, covering shares not taken up by the public.
After issuance costs, the company plans to put around 35 per cent of the proceeds, or Rp107.01 billion, towards debt repayments. The remaining approximately 65 per cent is intended for working capital, including heavy-equipment parts, lubricants, tyres, fuel, wages, allowances and facilities supporting field workers.
Alongside the IPO, Andalan Artha plans to issue up to 239,429,000 Series I warrants at no charge, allocating one warrant for every 7 new shares purchased. Each warrant allows its holder to buy one ordinary share for Rp695. Full exercise would bring the company an additional Rp166.40 billion.
The initial bookbuilding period runs from 5 to 17 November 2026. The registration statement is scheduled to become effective on 23 November, followed by the public offering from 24 to 27 November. Allotment is set for 27 November, with refunds and electronic share distribution scheduled for 30 November.
ANDA shares are expected to list on the Indonesia Stock Exchange on 1 December 2026. Holders would be able to exercise the warrants from 1 June 2027 to 1 December 2028.
