IPO Highlight Trimitra Trans Persada
KBVS Update
Friday, 04 July 2025
IPO Highlight PT Trimitra Trans Persada (BLOG)
■ PT Trimitra Trans Persada (BLOG), AMRT's land logistic sister company, plans an IPO of 563.247.900 shares (16.67%) at IDR 250/share, aiming to raise IDR 140.8 billion. Around 67% of the IPO proceeds will be allocated for equity injection into a subsidiary company, primarily to fund the development of three cold-storage warehouses, while the remaining 33% allocated for fleet expansion, mainly to acquire 75–100 units of light trucks.
■ In 2024, the Company recorded total revenue of IDR 1.08 trillion. The majority of this revenue—93.1%—was generated from the transportation logistics segment, while storage & warehouse management services contributed 6.9%. Approximately 88% of total revenue was derived from sales to affiliated companies, with the remaining 12% coming from transactions with third-party customers.
■ At an offering price of IDR 250 per share, BLOG’s valuation translates to a 2024 price-to-earnings (P/E) ratio of 7.5x and a post-IPO price-to-book value (P/BV) of 1.6x—both of which compare favourably to industry peers.
■The IPO offering period is scheduled for 2–8 July 2025, with the IDX listing set for 10 July 2025
Regards,
KBVS Research team