JAKARTA: Learning from the problem-laden IPO (initial public offering) of steel maker PT Krakatau Steel Tbk, several capital market players offer open tender model option to state-owned enterprises (SOEs) that are about to be publicly listed.
An analyst at PT Universal Broker Indonesia Satrio Utomo viewed the discourse of open tender was positive to create transparency in pricing."If it is applied, it will be a step forward since it will make pricing more transparent. However, the process will a little bit more complicated since we have to deal with thousands of potential investors, unlike bond auction that is only followed by hundreds of potential investors," he told Bisnis yesterday. In terms of system and infrastructure, he continued, putting IPO through open tender was highly possible, thanks to the current application of e-share transaction. Different from Satrio Utomo, President Director of PT Danareksa Sekuritas Marciano Herman argued the tender option was uncommon and not found in other countries. "Even China makes its IPO of SOEs in the same way that we have been doing all this time." Record by Bisnis showed Indonesian Central Securities Depository (KSEI) has started building a strong investor base by applying the single identity number system, which is targeted to be finished next year. However, Satrio reminded that the share allotment system was relatively uninfluenced by tender mechanism. "This depends on the priority. If the ones prioritized are institutional investors, they will get allotment even if the price offered is the same as the price offered by retail investors." Vulnerable However, one market player who prefers anonymity confides the open tender system is also vulnerable. "There will be no problems if the ones offered are blue chip stocks. However, if the shares offered are unattractive and below expectation, who will bear the loss of the IPOs? This is the weakness of the tender system." Article 17 of Regulation IX.A.7 reads that underwriters are allowed to use other allotment procedures for public offering as long as the procedures are recommended by the Indonesian Publicly Listed companies Association (APEI) and approved by the Bapepam-LK. Moreover, the allotment procedure has to be fully disclosed in the prospectus, so that it can be widely known by the potential initial share buyers. During his visit to Bisnis editorial office on Monday, Head of the Bapepam-LK A. Fuad Rahmany said the supervisory agency could not interfere with the allotment made by the underwriters since allotment was the full jurisdiction of the underwriters.However, the underwriters are required to name an accountant to specifically investigate or audit the allotment process. The allotment manager later has to deliver the report on the result of the audit to the Bapepam. "We will impose sanction on the violation of double allotment at IPO. The result of the audit of the IPO of KS by the independent accountant leads to sanctions imposed on five violators. We have announced that to alleviate polemic among the people." As to the IPO of SOEs next year, State Minister for SOEs Mustafa Abubakar disclosed seven to ten SOEs would be ready to be publicly listed next year. (bpj/fh/wiw)
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