Listed on Indonesia Stock Exchange, SAP Express Will Add 1000 Outlets
Posted on 2018-12-18 17:51:54
The e-commerce segment that grows 40% per year is targeted to be one of the main revenue for the Corporate.
Jakarta. PT Satria Antaran Prima Tbk (SAPX) or SAP Express become the 38th issuers that have been on the Indonesia Stock Exchange (IDX) this year. After gaining IDR 108 billion from the initial public offering, SAP Express will add around 1,000 new outlets as part of the business expansion in the field of courier and goods delivery.
SAP Express President Director Budiyanto Darmastono said, the Company will use 61.5% of the fund from an initial public offering (IPO) to pay some of the loan in the form of convertible bonds issued last 2016. SAP Express wants to pay the loan immediately even though the convertible bonds due is in 2021. The remaining IPO funds will be used as working capital to open 1,000 outlets, mostly on Java Island. "Up to the end of this year, SAP Express will have 1,200 outlets," Budiyanto said after listing his shares on the IDX, Jakarta, Wednesday (3/10).
The development of e-commerce business is one of the catalysts for the Company's business growth. For now, the corporate and banking segments still provide the largest contribution to corporate revenue. The new e-commerce segment contributes for 11% of the Company's total revenue but its growth reaches 40% per year. The Company has been working on a courier service business since 2014.
Budiyanto once revealed some e-commerce consumers still use the cash on delivery (COD) system or payment on the spot. This has become one of the strength of the Company. He claimed his network has reached 98,000 villages throughout Indonesia.
"By using the funds absorbed through the IPO, of course, SAP Express's capital structure is better, and it is certainly helps us to maintain our revenue growth targets as in previous years,” said Budiyanto.
Shortly after the trade was opened, the issuer share price of the SAPX-coded strenghtened 124 points or 49.6% to the level of Rp 374 per share from the public offering price of Rp 250. The number of shares released by SAP Express to the public reached 433 million shares or equivalent to 52 % of the issued and fully paid capital after the IPO.
The public offering of SAP Express is excess demand three times more than what was supposed to be allocated at the IPO. SAP Express's stock securities underwriters are PT RHB Sekuritas Indonesia, PT Artha Sekuritas Indonesia, PT KGI Sekuritas Indonesia, PT NH Korindo Sekuritas Indonesia, and PT Onix Sekuritas.