Dentons HPRP Acted on IPO for PT Adhi Kartiko in Indonesia

Dentons HPRP Acted on IPO for PT Adhi Kartiko in Indonesia

Dentons HPRP, a leading Indonesian law firm, celebrated a triumphant victory as they steered PT Adhi Kartiko Pratama Tbk, a prominent company in the mining and energy sector, through the intricate maze of an Initial Public Offering (IPO).

Under the masterful guidance of partners Constant Ponggawa and Erwin Kurnia Winenda, the journey proved seamless and culminated in a resounding success. Their expertise was bolstered by a dedicated capital market team, comprising Senior Associate Rio Febrianus Pasaribu and Associates Rafi Andiandra Wardhana, Beatrix Deviana Mukin, and Jovanka Linkanaya. Their meticulous work and unwavering dedication provided unwavering support throughout the process. Furthermore, invaluable contributions from Dentons HPRP's esteemed mining and energy team, led by Senior Associate Akbar Bayu and Associate Carlos William Rettobjan, ensured thorough navigation of industry-specific complexities.

As the final curtain fell on 2023, PT Adhi Kartiko Pratama Tbk. received its official green light from the Indonesian Financial Services Authority (OJK), setting the stage for a momentous debut on the Indonesia Stock Exchange. On January 9, 2024, the company officially started the trade under the ticker symbol NICE, marking a historic milestone not just for PT Adhi Kartiko, but for the Indonesian IPO landscape itself.

This distinguished listing stands out for its unique structure. Unlike the typical Indonesian IPO, all shares offered to the public are divestment shares from existing majority shareholders – a practice unseen in the market for the past five years.

Beyond the unique divestment structure, Dentons HPRP further orchestrated a post-listing twist. A Korean investor, a fully-owned subsidiary of LX International (formerly LG International), secured the right to acquire additional shares from existing shareholders in a private market transaction, ultimately becoming PT Adhi Kartiko Pratama Tbk's new controlling shareholder. This adds another layer of intrigue and potential future growth to this landmark IPO.

Three Indonesian powerhouses – PT Trimegah Sekuritas Indonesia Tbk., PT KB Valbury Sekuritas, and PT UOB Kay Hian Sekuritas – steered PT Adhi Kartiko's IPO, offering 6.1 billion shares (20 per cent of the company) at Rp 438 each. Public response was phenomenal, raking in a staggering Rp 532.8 billion.