The Indonesian stock market is set to welcome a new entrant, PT Pelayaran Jaya Hidup Baru (PJHB), a shipping company preparing for its Initial Public Offering (IPO) on the Indonesia Stock Exchange (BEI). This prospective issuer, trading under the stock code PJHB, aims to raise a substantial IDR 158.4 billion in fresh capital from the equity market.
According to its preliminary IPO prospectus, PT Pelayaran Jaya Hidup Baru plans to issue 480 million new shares. This significant offering represents a maximum of 25% of the company’s placed and paid-up capital. The indicative public offering price for these shares ranges from IDR 310 to IDR 330 per share, underpinning the target of securing up to IDR 158.4 billion in total proceeds.
In conjunction with the IPO, PJHB will also issue up to 240 million Series I Warrants, constituting 16.67% of the total fully placed and paid-up shares. These Series I Warrants are offered free of charge, serving as an attractive incentive for new shareholders whose names are recorded in the shareholder list on the allotment date.
The bookbuilding period for PJHB’s IPO is scheduled from October 22 to October 27, 2025. Subsequently, the public offering will take place from October 30 to November 3, 2025, with the company’s shares slated for official listing on the Indonesia Stock Exchange (BEI) on November 5, 2025.
PJHB, which will trade under its designated stock code, intends to allocate all IPO proceeds towards capital expenditure to fuel its business expansion. A key investment will be the construction of three new Landing Craft Tank (LCT) vessels. This strategic fleet expansion is aimed at bolstering the company’s operational capabilities, enabling it to meet the growing demand for transportation of heavy equipment and containers from its diverse clientele.
PJHB joins a robust lineup of new issuers that have successfully gone public in 2025. The Indonesia Stock Exchange (BEI) has already seen 23 companies list their shares this year. Notably, several recent IPOs have delivered impressive stock performances. For instance, CDIA’s stock price has soared by an astonishing 873.68% since its IPO in June 2025. COIN’s shares have experienced an even more dramatic ascent, climbing a remarkable 2,860% since its debut. Similarly, PT Bangun Kosambi Sukses Tbk. (CBDK) recorded a 52.09% increase, and PT Merdeka Gold Resources Tbk. (EMAS), which listed just last month, saw its shares jump by 49.31%. These strong performances set a promising precedent for PJHB’s upcoming listing.
Muhammad Wafi, Head of Research at KISI Sekuritas, indicates that market demand for IPO stocks remains high. He identifies several factors influencing this demand, including the trajectory of the BI rate, the movement of the Jakarta Composite Index (IHSG) towards the year-end, and the success of previous public offerings. “If macroeconomic conditions remain stable and market liquidity stays robust, late-year IPOs are likely to continue attracting significant interest,” Wafi told Bisnis on Wednesday, October 22, 2025.
Specifically for PJHB, Wafi highlights an appealing outlook due to the positive trends currently observed in the shipping and logistics sector. Domestic transportation demand is on the rise, driven by the recovery of industrial activities, energy distribution, and commodity exports. Furthermore, government initiatives like downstreaming programs and the development of national port infrastructure are contributing to the sector’s increasing prospectivity, further strengthening PJHB’s market position.
While acknowledging that PJHB’s valuation, with a Price-to-Earnings Ratio (PER) of 33-40 times, might appear high, Wafi points out mitigating factors. The offering includes bonus warrants, and the IPO funds are earmarked for strategic expansion. These elements, he suggests, can effectively counterbalance the seemingly expensive valuation, making it an appealing proposition for investors looking for growth opportunities within the maritime industry.
Meanwhile, Imam Gunadi, an Equity Analyst at PT Indo Premier Sekuritas, notes that investors’ primary focus will likely be on potential interest rate cuts by both the Federal Reserve and Bank Indonesia (BI). Should this scenario materialize, the property and banking sectors are anticipated to be the primary beneficiaries. Gunadi adds that while a trend of declining interest rates could potentially temper IPO interest, a company’s decision to raise funds ultimately hinges on its capital structure.
“Companies might opt for an IPO if their debt burden is already substantial,” Gunadi explains. “Alternatively, if they require significant capital without incurring additional interest expenses, or if they aim to strengthen their brand equity, an IPO becomes a viable and attractive option.”
Disclaimer: This article is not intended as an invitation to buy or sell shares. Investment decisions rest solely with the reader. Bisnis.com is not responsible for any losses or gains arising from readers’ investment choices.
Summary
PT Pelayaran Jaya Hidup Baru (PJHB), a shipping company, is preparing for its Initial Public Offering (IPO) on the Indonesia Stock Exchange (BEI), aiming to raise up to IDR 158.4 billion. PJHB plans to issue 480 million new shares, representing a maximum of 25% of its capital, at an indicative price range of IDR 310-330 per share. The company will also issue 240 million Series I Warrants free of charge. The bookbuilding period is scheduled from October 22-27, 2025, with the public offering from October 30-November 3, 2025, and shares slated for listing on November 5, 2025.
All IPO proceeds will be used for capital expenditure, primarily to construct three new Landing Craft Tank (LCT) vessels for business expansion. Analysts highlight strong market demand for IPO stocks and a positive outlook for the shipping and logistics sector, driven by recovering industrial activities. While PJHB’s Price-to-Earnings Ratio (PER) is noted at 33-40 times, bonus warrants and strategic expansion plans are considered mitigating factors for investors.