Anak usaha PT Chandra Asri Pacific Tbk (TPIA), namely PT Chandra Daya Investasi Tbk (CDIA), will conduct its initial public offering (IPO) on the Indonesia Stock Exchange (BEI) on July 8, 2025. Through this corporate action, the offspring of Prajogo Pangestu's octopus business conglomerate will raise fresh funds up to IDR 2.37 trillion.
Based on the IPO prospectus, the issuer, who is one of the richest people in Indonesia, will release up to 12.48 billion shares with a nominal value of IDR 100 each. This amount is equivalent to 10% of the total shares placed and fully paid by the company.
Through the IPO, CDIA offers shares at a price between IDR 170-IDR 190 per share. In the IPO, CDIA will appoint six securities companies as Underwriters or Joint Lead Underwriters.
The guarantors of the issuance that have been established by the company are PT BCA Sekuritas, PT BNI Sekuritas, PT DBS Vickers Sekuritas Indonesia, PT Henan Putihrai Sekuritas, PT OCBC Sekuritas Indonesia, and PT Trimegah Sekuritas Indonesia Tbk. As for the two securities used by CDIA in this IPO, they had previously also served as underwriting companies in the IPOs of entities affiliated with Barito Group, which is associated with TPIA.
Henan Putihrai became the underwriting company that facilitated the IPO of PT Petrindo Jaya Kreasi Tbk (CUAN) last March 2024. The stock price of CUAN has now soared by 4,233% to reach Rp 11,875 since its IPO. At the time of the IPO, this affiliate of Prajogo Pangestu set the price at Rp 220 and raised fresh funds of Rp 371.8 billion.
While BNI Sekuritas is the underwriter for the IPO of PT Barito Renewables Energy Tbk (BREN), which was held in October 2023. Shares of BREN have also soared 546.15% since the IPO and are now at the level of Rp 6,300.
Where did the wealth of the subsidiary company TPIA come from?
Profile of Chandra Daya Investment and its Wealth Accumulation
At the time of establishment, the capital structure of Chandra Daya Investasi consisted of paid-up capital of IDR 4 trillion, with fully placed and paid-in capital of IDR 1 trillion, divided into 500,000 shares with a nominal value of IDR 2 million per share.
The majority of those shares are owned by PT Chandra Asri Pacific Tbk (TPIA), totaling 499,999 shares or 99.99%, while the remaining 1 share is owned by CAP2. The remaining shares in the securities portfolio are recorded at a total of 1.5 million shares or approximately Rp 3 trillion.
The company through its subsidiaries has 4 (four) main business pillars, namely the energy pillar, the logistics pillar, the maritime and storage pillar, to the water pillar. The business lines targeted for collaboration work with the holding company and companies within the Barito Group scope.
Through its subsidiary PT Krakatau Chandra Energi (KCE), CDIA provides electricity supply in the Krakatau Industrial Area (KIK) in Cilegon, Banten, with a customer network that includes industries, households, to government agencies. KCE operates various power generation facilities including a 120 MW PLTGU, a 2.2 MWp PLTS, and medium to low voltage distribution networks.
Together with Krakatau Posco, KCE also manages a 200 MW PLTGU that utilizes off gas as an energy source. In addition, KCE actively develops the electric vehicle ecosystem through the provision of SPKLU at several strategic locations.
The logistics sector, subsidiaries of CDIA such as PT Chandra Shipping International (CSI) and PT Marina Indah Maritim operate seven specialized ships for chemical and gas transportation, while partner entities of the associate SBL manage land logistics with 155 truck units serving transportation, warehousing, to import-export.
To support smooth distribution, the subsidiary of PT Redeco Petrolin Utama provides port and storage services, such as a dock with a capacity of up to 35,000 DWT and 72 storage tanks with a total volume of 130,000 m³. RPU also provides digital ordering and product pickup services to increase customer logistics efficiency.
In the water sector, CDIA through PT Krakatau Tirta Industri supplies and manages clean water in Cilegon and Gresik with a total processing capacity of more than 3,400 liters per second. KTI is also continuously developing facilities for demineralized water, recycling, and waste treatment using advanced technologies such as membranes, ultrafiltration, and biological treatment to support the needs of industries and communities.
CDIA Business Prospects
The company is optimistic that CDIA has good business prospects supported by the competitive advantages held by the company as well as government support for the relevant industry, coupled with continuously increasing demand from the industrial sector.
"The growth in electricity demand in the future is driven by the relatively low per capita electricity consumption in Indonesia, high population growth rate, increasing urbanization, economic expansion, and the expansion of manufacturing capacity," as stated in the prospectus on Thursday (June 19).
On the other hand, demand for liquid carriers is also showing positive trends, in line with Indonesia's high dependence on oil, gas, and chemical imports to meet domestic needs. The port and storage sector is also expected to grow, driven by the increasing need for oil, gas, and refined product storage facilities.
Meanwhile, the water sector in Indonesia has also recorded significant developments, in line with various dynamics of developing countries such as population growth, industrial development, urbanization, to the increased attention to environmental issues and government targets for sustainable development.
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