Chandra Daya Plans $145 Million IPO to Fund Port and Shipping Expansion
Main Takeaways
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JAKARTA, investortrust.id — PT Chandra Daya Investama Tbk, or CDIA, a key infrastructure subsidiary of petrochemical giant PT Chandra Asri Pacific Tbk (TPIA), has launched its initial public offering (IPO) with a fundraising target of up to Rp 2.37 trillion ($145 million). The offering aims to bolster CDIA’s investments in shipping and port infrastructure, including the acquisition of vessels and construction of storage facilities.
According to the prospectus released Thursday, June 19, 2025, CDIA is offering 12.48 billion new shares—equivalent to 10% of its enlarged capital—at an indicative price range of Rp 170 to Rp 190 per share.
Chandra Asri, controlled by Indonesian tycoon Prajogo Pangestu, holds a 66.67% stake in CDIA, while the remaining 33.33% is owned by Netherlands-based Phoenix Power BV.
The IPO process is being underwritten by a consortium of six securities firms: BCA Sekuritas, BNI Sekuritas, DCS Vickers Sekuritas Indonesia, Henan Putihrai Sekuritas, OCBC Sekuritas Indonesia, and Trimegah Sekuritas Indonesia.
Timeline of the Offering
The book-building period is scheduled for June 19 to June 24. CDIA aims to secure effective registration from the Financial Services Authority (OJK) by June 30, with the public offering set for July 2 to 4. The company plans to debut on the Indonesia Stock Exchange (IDX) on July 8.
Use of Proceeds
CDIA plans to allocate the IPO proceeds, net of issuance costs, across its logistics and infrastructure subsidiaries. Roughly Rp 871.75 billion ($53 million) will be injected into shipping subsidiaries PT Chandra Shipping International (CSI) and PT Marina Indah Maritim (MIM). CSI, in turn, will fund its Singapore-based unit Chandra Maritime International Pte. Ltd. (CMI), which will use the capital to purchase new vessels and cover operational needs.
Another Rp 1.5 trillion ($92 million) will be channeled into CDIA’s port business via capital injections into PT Chandra Samudera Port (CSP). The funds will support CSP’s investment in PT Chandra Cilegon Port (CCP), which is building ethylene pipeline systems, tank storage facilities, and other critical infrastructure in Cilegon.
CDIA, which focuses on infrastructure projects in the energy, water, and port sectors, posted strong financial results in 2024. Revenue surged to $102.25 million from $75.76 million in 2023, while net profit jumped more than seventeen-fold to $32.69 million from $1.88 million.