Korea Investment completes Indonesian fishing firm's IPO

South Korea’s Korea Investment & Securities Co. (KIS) said on Thursday it has completed the listing of PT Cilacap Samudera Fishing Industry, an Indonesian capture fisheries firm, on Indonesia Stock Exchange. KIS acted as the lead manager of the public offering.   

Cilacap Samudera raised 125 billion Indonesian rupiahs ($8.6 million) via the IPO and will use the capital for building facilities for seafood processing and ship management. Founded in 1999, the Jakarta Utara-based firm catches, processes, stores and trades fish. It also operates its own fishing vessels.

The fishing company was listed on May 27 with a 10-to-1 competition rate at the IPO’s bookbuilding. The stock hit the upper limit for two trading days in a row after listing. It closed at 244 Indonesian rupiahs on May 31, up 144% from the public offering price.

In 2018, KIS acquired Indonesia’s local securities firm Danpac Sekuritas and launched an incorporated affiliate KIS Indonesia with 42 billion won ($33.8 million) of equity capital. In the following year, KIS Indonesia set up local asset manager KISI Asset Management and introduced an online stock trading system called KOINS in Indonesia.

KIS Indonesia is accelerating its local investment banking business such as bond issuance. The Indonesian affiliate participated in public bond issuances of two firms as a co-lead manager in the first half of this year -- leading pulp producer PT Indah Kiat Pulp & Paper (INKP) and state-run construction firm PT Adhi Karya (ADHI). In issuing ADHI bonds, KIS Indonesia sold 36 billion won worth of bonds, or 11.1% of the entire bonds issued. This was on par with top Indonesian securities firms' performances, KIS said.

Write to Sul-Gi Lee at surugi@hankyung.com
Jihyun Kim edited this article.