201508 ipo roy sembel handout
"Cost/Benefit of Shares IPO" oleh @ProfRoySembel at IPMI Kalibata
Catatan:
- IPO bukanlah "dana murah", karena klo yield yg ditawarkan lebih rendah daripada bunga bank, maka IPO tidak menarik, akibatnya tidak laku.
- Persiapan IPO 1-3 tahun.
"Cost/Benefit of Shares IPO" oleh @ProfRoySembel at IPMI Kalibata
1. Prof. Roy Sembel, PhD
LinkedIn: Prof. Roy Sembel
Twitter/Instagram: @ProfRoySembel Facebook/LinkedIn: Prof. Roy Sembel
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Cost/Benefit of Shares IPO
4. 4
PROF. ROY SEMBEL, IR, MBA, PHD
EDUCATION
1982-86 IPB, Bogor. FMIPA. Major: Statistics, Minor: Economics; Ir., Best Graduate, Cum Laude
1988-90 Rotterdam School of Management, Erasmus University Rotterdam and The Wharton School,
University of Pennsylvania Philadelphia
MBA, Finance/Banking, Best Graduate, With Honours
1991-96 J.M.Katz Graduate School of Business, University of Pittsburgh; Major: Corporate Finance;
Minor: Econometrics; PhD; Dissertation: “IPO Anomalies, Truncated Excess Supply, and
Heterogeneous Information”
1997-98 Economics & Finance Staff, Office of Dr (HC) Radius Prawiro, Jakarta.
2000 ACUCA Lecturer: Japan, South Korea, Taiwan, Hong Kong, The Philippines, Thailand
1987-Now Lecturer, Faculty of Economics, Christian University of Indonesia, Jakarta.
1997-2001 Visiting Lecturer at IPMI, Institut PPM, Magister Management Program University of
Indonesia, University of Sam Ratulangi, Universitas Lampung, Magister Akuntansi & Post Graduate
(S2 & S3) Program Faculty of Economics University of Indonesia, Pelita Harapan University. Subjects:
Investment Analysis and Risk Management, Corporate Finance, International Finance, Derivative
Securities, Managerial Economics, Banks & Capital Markets, eBusiness Management.
WORK EXPERIENCE
1984-87 Teaching Assistant, FMIPA, IPB.
1990 Internship; ABN Bank, European Treasury Department, Amsterdam.
1990-91 Corporate Banking; ABN AMRO Bank Amsterdam
1994-96 Teaching Assistant, University of Pittsburgh.
1994-2000 Co-founder Indonesian Physics Olympic Team /TOFI Foundation & Indonesian
Computer Olympic Foundation TOKI
5. 5
1998-2001 McKinsey & Co, Jakarta
2001-2006 Direktur Program Magister Manajemen Keuangan Universitas Bina Nusantara,
Co-founder Indonesia Learning Institute (InLIne), Indonesia School of Life (InSchoOL)
2005-2007 Komisaris Independen & Ketua Komite Pemantau Risiko PT Bank Niaga Tbk
2005- Professor in Financial Economics;
Charter member Lembaga Komisaris dan Direksi Indonesia
2006-2008 Academic Expert Advisor, Universitas Ciputra Surabaya,
2006- Owner/Komisaris (PT. Mobee Indonesia, PT MARS Indonesia)
2007- Supervisory Committee Asian Bond Fund Indonesia (TCW Bahana/BI),
Ketua Komite Sertifikasi FPSB Indonesia
2007-2008 Pejabat Dekan FE Universitas Multimedia Nusantara (UMN)
Ketua Umum Partai Barisan Nasional (BARNAS)
2008 Board of Advisor UMN
2008-2009 Ketua Dewan Pembina Partai Barisan Nasional (BARNAS)
2008-2010 Chairman CAPITAL PRICE
2009-2010 Dean of Business School and Director of Graduate Program, UPH
2010-2012 Director of Jakarta Futures Exchange
2012- IPMI International Business School; Senior advisor, Vriens & Partners
Independent Commissioner, HITS & MCS International
2014- Chairman of Index Committee, Indeks Investor 33
Advisory Council, PLN Corporate University
MISCELLANEOUS
Speaker in many seminars in Indonesia, USA, and Europe. Writer of more than 1000 articles in KONTAN, GATRA, Sinar Harapan, SWA, Bisnis
Indonesia, KOMPAS, Investor, Investor Daily, Warta Ekonomi, Manajemen & Usahawan Indonesia, InfoBank, Jurnal Pasar Modal, Media
6. 6
Pioneer Business School in Indonesia since 1984, courses delivered fully in English with case
study / interactive method of learning
The best internationalized private business school in Indonesia (Rated 3 Palms in 2014)
(http://www.eduniversal-ranking.com/business-school-university-ranking-in-indonesia.html)
The only Indonesian Business School in the top 100 business school in Asia 2015
(http://find-mba.com/most-popular/asia)
Highlights about IPMI International Business School
8. IPMI IBS: Rigor AND Relevant
8
Academic
Rigor
Business Relevance
IPMI IBS
• Case Study, English
• Power Talk
• GFP, CIP
• Business Simulation
• Investment Simulation
• iReCons ; LRC
• Global and Industry networks
• Alumni networks
• Balanced Faculty members
High
High
Low
Low
18. IPO = Initial Public Offering
• Penawaran sekuritas kepada masyarakat
• Dilakukan oleh perusahaan (Emiten) untuk
menjual sekuritas / efek (biasanya saham)
kepada masyarakat
• Berdasarkan tata cara yang diatur oleh UU
Pasar Modal dan Peraturan
Pelaksanaannya diawasi oleh OJK
• Biasanya dilanjutkan dengan pencatatan
sekuritas untuk diperdagangkan di bursa
efek (BEI)
19. 19
FOUR CORNER STONES OF
CORPORATE FINANCE?
McKinsey.com
1. Core of Value Principle
2. Conservation of Value Principle
3. Expectation Treadmill
4. Best owner Principle
When considering IPO, remember those principles
20. Why Do Companies Go Public?
• Fund Growth Plans
• Currency for M&A
• Recapitalization (retire debt)
• Liquidity
• Employee compensation
• Enhanced Image
– Landlords
– Creditors/Suppliers
– Recruiting/Retention
21. Penawaran Umum Perdana
Strategis Keuangan
Tujuan non-finansial
Mengoptimalkan kegiatan usaha
Antisipasi munculnya peraturan yang lebih ketat
Struktur Terbaik
Tujuan finansial
Kondisi pasar yang baik/timing
Harga optimal
Struktur TerbaikMeningkatkan nilai pemegang saham
Penghematan pajak
Kesesuaian dengan peraturan
Bapepam & peraturan lainnya
Dilusi
Strategic Aspects of Public Offering
22. 22
IPO Process
• Underwriter Selection
• Registration
• Marketing and Book Building
• Pricing
• After Market Activities
24. 24
Before IPO During IPO After IPO
STAGES OF IPO
Menentukan Tujuan
Penilaian Kesiapan (Due
Dilligence)
Corporate Plan
Restrukturisasi
Persiapan Data Keuangan
Seleksi Profesi Penunjang
Penyusunan Jadwal
Familiarisasi Peraturan Pasar
Modal
RUPS
Penyusunan Pernyataan
Pendaftaran:
Proyeksi Keuangan
Laporan Keuangan
Comfort Letter
Legal Opinion
Prospektus
Agreements
Penyerahan Pernyataan
Pendaftaran dan Pemasaran
Publik Ekspose
Pernyataan Pendaftaran
Dinyatakan Efektif
Ketaatan Pelaporan
Keterbukaan dan Pemerataan
Informasi
Menghindari Benturan
Kepentingan
Ketaatan Penggunaan Dana
dan Pernyataan Lainnya
Dalam Prospektus
Membentuk Layanan Kepada
Investor dan Pihak Terkait
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FINANCIAL MARKETS AND INSTITUTIONS ARE KEY
TO REALIZE VALUE
2. GO VS NO GO
Rewarding winners
1. SCREENING IDEAS
Separating winners and
losers
3. FUNDING OR
SELLING OUT
4. BUSINESS RESULTS
26. 26
Kerangka Kerja Dasar
Pemahaman
Perusahaan
Faktor Internal
Faktor Eksternal
Analisa SWOT
Alternatif
Restrukturisasi
Memilih alternatif
terbaik
Penilaian Saham
Perusahaan
Atas dasar:
•Efisiensi Biaya
•Penghematan pajak
•Penyederhanaan proses
•Memaksimalkan nilai pemegang saham
•Kesesuaian dengan Peraturan
•Daya tarik untuk penanam modal
27. 27
IPO
Valuation
Issue/Risk Analysis vs IPO valuation
Economic & Monetary
Condition
The Indonesian
Banking Industry
Capital Market
Sentiment
Government
Regulation
Legal aspects
Financial
Accounting Process
Accuracy &
Timeliness of F/S
Good Corporate
Governance
Capital Planning
Divestment/Dilution
strategies
Financial Accounting
Process Improvement
Portfolio Asset
Internal and external factors Issue/risk mitigation
Financial and Process
Environment
Information
Technology - MIS
Accounting standard
compliance
Operational - effectiveness
system & procedures
Asset Quality
28. IPO candidate evaluation:
Company Characteristics
• Growth Prospects
• Predictability of Results
• Management Team
• Historical Track Record – Size;Profitability
• First Mover Advantage
• Sponsorship
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Analysis of Internal Factors
Visi, Misi, dan Tujuan jangka panjang
Strategi Operasi/Investasi Strategi Permodalan
Pendapatan Pajak Ekuitas
Strategi dan
Kebijaksanaan
Faktor
Pendorong
SDM, Teknologi, Cabang/Unit dan ModalSumber Daya
Kinerja Keuangan
Beban
Analisis Faktor Internal
34. Pitch Book
• Executive Summary
• Capital Markets Update
• Company Positioning
• Valuation
• Structure and Timing of IPO Process
• Track Record of Investment Bank
• Team Members Commitment
• References
35. Prospectus
• Cover
• Summary
• The Compnay
• Risk Factors
• Use of Proceeds
• Dividend Policy
• Capitalization
• Dilution
• Selected Financial Data
• Management Discussion
• The Business
• Management and Security Holders
• Description of Securities
36. Registration Statement
• Prospectus
• Exhibits
– Underwriting Agreement
– Articles of Incorporation
– Opinion of Company Counsel
– Stock Option Plan(s)
– Employment Agreements
– Registration Rights Agreements
– Material Contracts
– Computation of Earnings per Share
– Other supporting materials
37. Life As a Public Company
• Reporting
– Financial Reports, Press Releases, Conference Calls,
Forward-looking Statements
• Trading Blackouts
• BOD Liability
• Investor Relations
• Secondary Offerings
– Additional Cash
– Enhance the Float
– Orderly Exit for Large Holders
45. 45
Advantages vs Disadvantages
of IPO
Advantages:
1. Access to capital markets
2. Improved liquidity for shareholders
3. Allow original owners to diversify
4. Monitored by external capital markets
5. Generate information from capital markets
6. Enhance credibility of company
Disadvantages:
1. Expensive out of pocket costs
2. High after IPO costs of dealing with shareholders
3. Competitors get easy access of company’s information
4. Public pressure
46. IPO
• Instant Profit Overnight
– Underpricing?
– Can retail investors make abnormal profit?
• Inferior Profit Overtime
– When to buy?
• Not cheap fund, but flexible fund for
issuers
47. 47
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