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Vittorico Andreas
Corporate Finance - Paper #1
1412406710
(L1B3-9601LEC) Mr Bisma Dewabrata
November 2014
Name
Binus ID :
Date
: 7
market share and increase profits. In some cases, capital raised though going
public helps companies obtain more capital in the future through debt and
equity. Going public also allows a company to include stocks as a part of
employee and management incentive plans. A typical IPO will raise between
$100 million to $150 million depend on the company value itself. However, part
or even all the cash might instead go to the existing shareholders, such as the
founders, senior executives and investors.
Credibility - Being a publicly trading company is considered a major
achievement. And it also is a statement; it means a company has the
wherewithal to meet rigorous federal regulations. This is especially important
for companies that eventually want to land larger customers. Going public
provides a sense of corporate stability.
Currency - The value of private stock is difficult to determine. After all, its
usually difficult to convert it into cash. But such is not the case with public
stock. And because of this, a company can use its stock as currency to buy
other companies.
Minimize Risk - by selling the stock to the market, it means the owners
decrease their share within the company and also decrease the risk percentage
that they have with other shareholders. Go public really become a perfect
solution for the company that have some prediction and some probability that
the company will face some issue and problem in future, but still want to run
and have the company, owner can just spread the risk of ownership among a
large group of shareholders but still own the company with the biggest shares.
Power - The private company will have lack of power if you want to negotiate
with the banks, But once You are a public company the Bank will more consider
You. Public company will more solid standing when negotiating interest rates
with banks, also have additional leverage when obtaining loans from any
financial institutions.
Companies can offer securities in the acquisition of other companies
Stock and stock options programs can be offered to potential employees,
making the company attractive to top talent
In some country, become a go public company will get tax advantages
IPOs normally ensure lower cost of funds compared to borrowings from banks
the issuer builds up a history in the market: once youve done your IPO
successfully, it will be easier to generate equity funding from the stock market
in the future
Offering shares to the public has other advantages for companies, besides the
prestige of having their stock publicly traded on a stock exchange. Before the
Internet boom, most publicly traded companies had to have proven track records and
have a history of profitability.
Unfortunately, many Internet startups began having IPOs without any semblance of
earnings and without any plans on being profitable. These startups were funded with
venture capital and would often end up spending all the money raised through the
IPO, making the original owners rich in the process and leaving the small investors
holding the bag when the shares became worthless.
This technique of offering shares without creating value for stockholders is
commonly known as an exit strategy, and was used repeatedly during the Internet
boom causing the dot.com bubble to burst and bringing down the market for IPOs in
the early 2000s.
Nevertheless, some companies choose to remain private, avoiding the increased
scrutiny and other disadvantages having publicly traded stock entails. Some very
large companies, such as Dominos Pizza and IKEA remain privately held.
Disadvantages for a Private Company to go Public and having Listed Stock
There are a number of reasons why a company may choose not to go public,
especially if it has another way to raise capital. Going public is time consuming - the
process can take up to two years. During the process, much of the manager's time is
dedicated solely to overseeing the issuance of the company's stock. Go public also
an expensive process (costs can range from $250,000 to $1 million), and if the
offering does not go through, the company will lose that money. Typical expenses
associated with a public offering include legal and accounting fees, filing fees, travel
costs, printing costs and underwriter's expense allowance. Going public can also be
an extremely difficult process, especially if the business and its management are not
familiar with the registration process. The company will need to put all its business
affairs in order and the day-to-day business operations will likely be disrupted.
Another disadvantage of going public is that public companies operate under close
scrutiny. The prospectus reveals substantial information about the company including
transactions with management, executive compensation and prior violations of
securities laws. This may be information the company would rather not reveal. In
addition,
Another disadvantage of issuing an IPO is that the company must answer to its
shareholders. When a company issues stocks, the individuals who buy the stock are
essentially owners in the company. As the number of owners increase, the
management's control of the company is diluted. Shareholders with significant
ownership in a company can vote to replace managers and directors, as well as gain
more authority during the decision-making process. The bureaucracy will be more
complicated. This may be hardest for companies that previously were run by a small
number of individuals who made decisions as they wished. Public companies must
comply with reporting requirements under the Exchange Act of 1934 as soon as the
By serving million of passengers per month across the country, Blue Bird Groups line
of services encompasses a broad range of spectrum, from regular taxis (Blue Bird &
Pusaka) up to executive taxi (Silver Bird), limousine & car rental (Golden Bird),
charter bus (Big Bird), Logistic (Iron Bird Logistic), Industry (Restu Ibu Pusaka-Bus
Body Manufacturing & Pusaka Niaga Indonesia), Property (Holiday Resort Lombok &
Pusaka Bumi Mutiara), Supporting Services (Hermis Consulting-IT SAP, Pusaka
Integrasi Mandiri-EDC, Pusaka GPS, Pusaka Buana Utama-Petrol Station, Pusaka
Bersatu-Lubricant, Pusaka Sukucadang Indonesia-Spare Part) and Heavy Equipment
(Pusaka Andalan Perkasa & Pusaka Bumi Transportasi).
Part of our success is owed to our ability to maintain such a high standard of quality
and service over the years. Yet it is the strategic placement and easy availability of
our vehicles that ultimately earn us the reputation as a most reliable transportation
partner.
Today, Blue Bird Group services can be enjoyed in many of Indonesias largest cities
including Jakarta, Bali, Bandung, Banten, Batam, Lombok, Manado, Medan, Padang,
Pekanbaru, Palembang, Semarang, Solo, Surabaya and Yogyakarta. They are also to
be found in the heart of major business and tourist destinations throughout the
country.
Bisnis.com, JAKARTA Operator taksi PT Blue Bird Tbk. menargetkan dapat meraih
dana hingga Rp4,9 triliun dari penawaran umum saham perdana sebanyakbanyaknya 531,4 juta lembar saham baru atau 20% dari modal ditempatkan dan
disetor.
Adapun, harga penawaran ditetapkan pada kisaran Rp7.200 Rp9.300 per lembar
saham.
Sekitar 50% dari dana initial public offerings (IPO) itu akan digunakan untuk
membiayai belanja modal termasuk pembelian kendaraan dan akuisisi pool.
Selain itu, perseroan juga mengalokasikan sekitar 35,71% untuk melunasi pinjaman
dari sejumlah bank dan sekitar 14,29% akan dimanfaatkan sebagai modal kerja
perseroan dan entitas anak.
Perseroan akan menggunakan 35,71% dana hasil IPO untuk membayar utang kepada
Bank BCA senilai Rp400 miliar dan pinjaman kredit investasi dari sejumlah bank
dengan nilai total Rp817 miliar.
Sebagai informasi, total liabilitas perseroan saat ini mencapai Rp4 triliun, yang terdiri
dari Rp1,6 triliun berupa liabilitas jangka pendek dan Rp2,3 triliun merupakan
liabilitas jangka panjang.
Adapun, rasio liabilitas terhadap ekuitas perseroan pada tahun lalu mencapai 3,16
kali, atau meningkat dari posisi pada tahun sebelumnya sebesar 2,7 kali.
Per 30 April 2014, rasio tersebut turun menjadi 2,72 kali.
Dari sisi kinerja, pendapatan bersih Blue Bird pada 30 April 2014 naik 31,6% menjadi
Rp1,47 triliun dibandingkan capaian pada periode sama tahun lalu senilai Rp1,12
triliun.
Perseroan mencatat pertumbuhan pendapatan rata-rata sekitar 23,7% dalam 3 tahun
terakhir.
Purnomo Prawiro, Presiden Direktur Blue Bird, optimistis penawaran umum saham
perdana tersebut akan sukses walaupun kondisi pasar modal sedang terkoreksi,
mengingat respons investor terhadap aksi korporasi ini sangat positif.
INILAHCOM, Jakarta - PT Blue Bird Tbk melakukan penawaran umum atau
Initial Public Obligation (IPO). Langkah IPO Blue Bird agak tersendat karena
masih ada sengketa keluarga. Tetapi, setelah sengketa selesai, Otoritas
Jasa Keuangan (OJK) menyatakan praefektif.
"Ingin IPO, karena pertama, bisa memberikan saham. Akan dialokasikan ke 5.000
orang pengemudi," ujar Presiden Direktur Blue Bird Purnomo Prawiro saat IPO di
Jakarta, Jumat (3/10/2014).
Purnomo menjelaskan alasan kedua, yakni agar para pelanggan Blue Bird dapat
memiliki saham.
Sementara itu, Direktur Blue Bird Sigit Priawan Djokosutono akan melepas 20 persen
saham ke publik. "Setelah public expose baru kita bisa kasih harganya dari 531.400
juta lembar saham," jelas Sigit. [aji]