Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Puradelta Lestari / Equity Capital Markets

Sinarmas Land plans to sell 5.5% of Puradelta Lestari (DMAS) to raise US$50m. The stock listed just over a year ago and we looked at the IPO earlier, <a href="https://www.smartkarma.com/insights/going-to-be-one-of-many-listed-players-but-having-the-highest-potential-market-cap-has-its-perks" target="_blank" data-smartkarma-citation="insights:751">Going to be one of many listed players but having the highest potential market cap has its perks</a>.The deal scores a negative score on our framework owing to its short listed history (hence, no track record scores). However, the discount looks enticing and recent stock price performance and marketing sales performance have been good.<h2>Placement</h2>…

Sinarmas Land plans to sell 5.5% of Puradelta Lestari (DMAS) to raise US$50m. The stock listed just over a year ago and we looked at the IPO earlier, Going to be one of many listed players but having the highest potential market cap has its perks.The deal scores a negative score on our framework owing to its short listed history (hence, no track record scores). However, the discount looks enticing and recent stock price performance and marketing sales performance have been good.Placement…

Puradelta (PDL) plans to raise US$200-300m through an IPO of primary shares. Investors have ample listed options to participate in the growth of the industrial and residential sector in Indonesia and hence, this IPO doesn't really offer anything unique as such. However, upon listing PDL will be double the market cap of its listed peers (in the industrial segment) and will have a much larger industrial landbank in East Jakarta, with other players running comparatively short on land in the area. Thus, it has the potential of becoming&nbsp;the preferred was to invest in Industrial growth in Indonesia.The IPO scores a marginally positive score&nbsp;on our framework and we would be inclined to take it towards the bottom to mid end. If we change the pricing assumptions to the high-end the IPO gets a negative score (owing to it scoring badly on all relative valuations parameters), given the wide range and the demanding p/e at the high end, we wouldn't go anywhere near the high-end.

Puradelta (PDL) plans to raise US$200-300m through an IPO of primary shares. Investors have ample listed options to participate in the growth of the industrial and residential sector in Indonesia and hence, this IPO doesn't really offer anything unique as such. However, upon listing PDL will be double the market cap of its listed peers (in the industrial segment) and will have a much larger industrial landbank in East Jakarta, with other players running comparatively short on land in the area. Thus, it has the potential of becoming&nbsp;the preferred was to invest in Industrial growth in Indonesia.The IPO scores a marginally positive score&nbsp;on our framework and we would be inclined to take it towards the bottom to mid end. If we change the pricing assumptions to the high-end the IPO gets a negative score (owing to it scoring badly on all relative valuations parameters), given the wide range and the demanding p/e at the high end, we wouldn't go anywhere near the high-end.

Going to be one of many listed players but having the highest potential market cap has its perks

Indonesia

PT Puradelta Lestari Tbk is an industrial property developer. The Company sells industrial estate, residential and commercial land.

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Puradelta Lestari (DMAS IJ)

Puradelta - Discount Looks Enticing

Sinarmas Land plans to sell 5.5% of Puradelta Lestari (DMAS) to raise US$50m. The stock listed just over a year ago and we looked at the IPO...

Sumeet Singh

Going to be one of many listed players but having the highest potential market cap has its perks

Puradelta (PDL) plans to raise US$200-300m through an IPO of primary shares. Investors have ample listed options to participate in the growth of...

Sumeet Singh

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