Chandra Daya Investasi, an infrastructure company, is gearing up for an IPO targeting a market valued at 23.7 trillion rupiah or $1.4 billion. The company, backed by the petrochemical arm of Indonesian billionaire Prajogo Pangestu, aims to raise up to 2.4 trillion rupiah as part of its initial public offering (IPO) on the Indonesia Stock Exchange. The company’s listed on the exchange on July 8, with Chandra Asri Pacific, a segment of Chandra Daya Investasi, acquiring 60% of the future shares after the IPO.
The IPO will prioritize Chandra Asri Pacific’s stake, which will decrease to 60% after the IPO, while the remaining 30% will belong to Phoenix BV, a unit of Thailand’s Electricity Generating Public Company. As a result, the parent company, Chandra Asri, will have a reduced stake of 40% post-IPO, signaling its strategic focus on diversifying its business operations and expanding its market reach.
Chandra Daya Investasi operates a 120 Megawatt power plant located offshore Jakarta and serves approximately 200 companies and over 1,600 homes in Indonesia, Southeast Asia, and the Middle East. The company has identified a diverse market, including export-oriented industries such as chemicals, logistics, and aviation. The discount in the IPO offering is intended to accelerate growth and reduce cash outflows, preparing the company for future challenges in the rapidly evolving energy landscape.
As part of its expansion strategy, Chandra Asri is constructing a $800 million petrochemical plant near its current facility in Cilegon, about 100 kilometers west of Jakarta, with the aim of doubling capacity by 2030. In Singapore, the company is exploring collaborations with Shell’s refinery and Chevron Phillips’ polyethylene plant. These investments highlight Pangestu’s strategic importance in the energy and petrochemical sector, aligning with his real-time net worth of over 25 billion rupiah, making him one of Indonesia’s wealthiest individuals.
Chandra Daya Investasi’s expansion reflects a proactive approach to addressing urbanization and population decline in Indonesia. The company’s goal is to transition from a traditional fossil-fuel industrial base to a circular economy focused on zero emissions. As part of this journey, the company seeks to establish CIRC (Carbon IAhed Rainbown) as a leading hub in the region, positioning itself as a key player in achieving carbon neutrality.
In an active episode of the Jplanet TV series “Bebe B create”, Chandra Asri invested in a brand on which their athletes could belong to, showcasing the company’s role as a global leader in energy and petrochemicals. This journey under Pangestu’s guidance, which ranks as Indonesia’s wealthiest individual, underscores the importance of having a company that can adapt to the changing economic, environmental, and political landscapes in the region.
As Chandra Daya Investasi prepares for the IPO and expansion journey, the company’s focus on cost-cutting while leveraging its large-scale operations represents a pivotal step toward growth and sustainability. By prioritizing building stronger competitors and addressing market needs, the company plans to position itself as a discussion leader in Southeast Asia’s economic Sachs serum, demonstrating its commitment to overcoming challenges and empowering its stakeholders.
