Moratelindo’s IPO Recorded A Big Hit, Oversubscribed 227.35 Times

Sinta, news . 10 Aug 2022
Moratelindo IPO

Heaptalk, Jakarta — PT Mora Telematika Indonesia Tbk (Moratelindo), a telecommunications network and infrastructure provider company, has officially listed its shares on the Indonesia Stock Exchange (IDX) with the issuer code MORA (08/08). During the public offering, the Company’s initial public offering (IPO) was oversubscribed by up to 227.35 times based on the e-IPO, far exceeding the determined target.

Moratelindo raised a total of Rp1 trillion or US$67,2 million from this action (US$1 equals Rp14,874) as stated in the press release. The stock price during the book-building period ranges from Rp368—Rp396 per share. The number of stocks offered to the public was around 2.5 billion which were new shares issued from the Company’s portfolio representing 10.68% of the shared ownership.

The Company also allocated shares for the employee by 0.247% of the shares offered in the IPO or worth 6.2 million shares through employee stock allocation (ESA). This program is a form of appreciation for the performance and dedication of employees to the Company by far.

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Following the IPO, the capital structure and composition of the Company’s shareholders have changed to PT Gema Lintas Benua 30.17%, PT Candrakarya Multikreasi 40.83%, PT Smart Telecom 18.32%, Community 10.65%, and ESA Program 0.03%. The total issued and fully paid capital of the Company is 23.6 billion shares or equivalent to Rp2.3 trillion.

The high interest in the initial offering is a historic moment for the Company that shows the level of trust from the public. Before the IPO, MORA has gone through a long way in the capital market. The Company issued Bonds in 2017 and Sukuk through a continuous public offering in 2019, 2020, and 2021 with an increasing rate from PT Pemeringkat Efek Indonesia (Pefindo) in March 2022 from previously idA and idA(sy) to idA+ and idA+(sy).

MORA’s financial performance shows a positive mark as the revenue increased 11% in 2021 from Rp3.76 trillion to Rp4.18 trillion. Its profit in 2021 recorded Rp671 billion while in 2020 was Rp679 billion. As of March 2022, the Company recorded a profit of Rp183 billion which shows an increase of 0.9% compared to the same period in 2021 namely Rp182 billion.

Entrusted to Run National Strategic Project

Established in 2000, MORA started its business as a provider of internet and telephone card services. Seven years later, Moratelindo transformed into a telecommunications infrastructure service provider company by building a cable network fiber optic along 7.5 km on Java island.

The excellent performance led MORA to develop to the global level. In 2008 the Entity established a subsidiary company in Singapore and built the Moratelindo International Cable-System One (MIC-1) submarine cable connecting Jakarta and Singapore. In 2009, the Company developed an international network by building a submarine fiber optic cable network Batam-Dumai-Malaka (BDM).

In 2010, the Government of Singapore granted a Facilities-Based Operations (FBO) license as a gateway for international leased line services. In the same year, Moratelindo strengthened its network by building the Sumatra Backbone, namely the construction of a backbone network for both Submarine Cable and Inland Cable that traverses the island of Sumatra.

The Government of Indonesia entrusts the Company to support the development of national local infrastructure by providing telecommunications business permits and licenses such as Fixed Closed Network (JARTUP), Network Access Point (NAP), Internet Service Provider (ISP), and Local Fixed Network (JARTAPLOK). Further, the Company is also trusted to build and operate a national data center, namely Nusantara Internet Exchange (NIX).

Moratelindo built 6 Nusantara Data Centers (NDC) in 2012 and developed an international network of submarine fiber optic cable connecting Jakarta-Bangka-Bintan-Batam-Singapura (B3JS) as the third project of submarine cable in international scope.

The Entity was appointed by the Government of Indonesia to run a national strategic project of prioritized infrastructure for the West Palapa Ring and East Palapa Ring Projects in 2016 as the winner of the tender. The latest, Moratelindo expand its service by developing Fiber To The Home (FTTH) in new cities such as Jambi, Bandung, and Semarang as well as developing Fiber To The X (FTTX) in Kupang and Labuan Bajo, both in East Nusa Tenggara in 2021.