IPC Car Terminal ready to go public for Rp1 trillion

IKT launched road show for public offering
IKT launched road show for public offering
PT Indonesia Kendaraan Terminal or IPC Car Terminal ready to go public. The subsidiary of PT Pelindo II will hold an initial public offering (IPO) in mid-July. Through this action, IPC Car Terminal aims at a minimum of Rp 1 trillion.

JAKARTA (infolog): The company appointed Bahana Sekuritas, RHB Sekuritas and Mandiri Sekuritas as the underwriters of the IPO. IPC Car Terminal is a specialized port operator serving vehicle service, which includes cars, trucks, buses and spare parts.

Director of IPC Car Terminal Chiefy Adi Kusmargono said, IPC Car Terminal is the only dedicated car terminal operators. The company is the third largest in Southeast Asia and 27th largest in the world, above New York and Rotterdam.

IPC Car Terminal wants to be taken into account in the world.

“For that, we are ready to release 30% ownership to attract strategic partners,” Chiefy said during a visit to the editorial office KONTAN, yesterday as quoted by Kontan.co.id as saying.

The strategic partners include car manufacturers, logistics companies, shipping line companies and investment companies. The presence of partners is believed to be able to increase the capacity of IPC Car Terminal.

With a single zoning system, Chiefy said, the loading speed of IPC Car Terminal is better than the conventional terminal, which serves various commodities.

IPC Car Terminal has three business lines. First, the terminal handling that serves the loading and unloading of vehicles and heavy equipment. Second, value added services include laundering, installation of accessories to client orders and other additional services. Thirdly, Ro-Ro Services serves to support the sea toll road project.

The terminal handling business line accounts for 97% of total revenue. The smallest is Ro-Ro Services, due to the support services of the government’s toll sea programs.

From terminal handling, the biggest contribution comes from international terminal, about 92%.

Differences in tariffs and volumes are the trigger why international terminals are generating higher revenues than domestic ones.

Next year, IPC Car Terminal will add to the domestic market. The company will be intensively approaching clients who still use conventional terminals to move to terminal managed by IPC Car Terminal.

“The target is next year, the contribution of international and domestic terminal will be 70% and 30% respectively to total revenue,” Chiefy said.

IPC Car Terminal operates a total terminal terminal of 31 hectares. After the IPO, the company will expand the terminal to 89 ha within five years.

The current capacity of 700,000 units per year will be increased to 2.5 million units per year within five years.

IPC Car Terminal will use Rp 500 billion or 50% of IPO fund for the development of vehicle storage facility, in the form of vertical and horizontal parking buildings.

In 2017, IPC Car Terminal earned revenue of Rp 422.1 billion, up 34% year-on-year (yoy). Its net profit grew 32% (yoy) to Rp 130.1 billion.

Binaartha Parama Securities analyst Muhammad Nafan Aji assess IPO Car Terminal could be positive. Moreover, IPC Car Terminal is the only company engaged in the business of special vehicle port terminals.

“But I hope the price offered will be interesting,” he said. (ac)

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