Indonesian logistics platform PT BSA Logistics Indonesia Tbk, a unit of Waresix, made its debut on the Indonesia Stock Exchange (IDX) on Friday, marking one of the first listings on the bourse after a period of capital market volatility since early this year.
The shares, which started trading under the ticker ‘WBSA’, opened at 226 rupiah apiece, up 34.52% from the IPO price of 168 rupiah apiece.
The huge surge in the opening price triggered an automatic halt in the trading of the shares under IDX rules. The trading freeze continued till the end of the morning session.
BSA Logistics Indonesia raised 302.4 billion rupiah ($17.7 million) by offering 1.8 billion new shares, equivalent to 20.75% of its enlarged capital, following a bookbuilding process that priced the shares at 150-170 rupiah apiece. The company said the IPO was oversubscribed 386.86 times.
A key feature of the IPO is the planned use of proceeds. Around 215 billion rupiah, or more than 70% of the funds raised, will be used by BSA Logistics Indonesia to acquire 99.99% of PT Bermuda Inovasi Logistik (BIL) from PT Bermuda Nusantara Logistik (BNL).
The remainder will be allocated to meet working capital needs, including operational expenses and expansion of logistics services.
Over 70% of the IPO funds will go to acquiring 99.99% of Bermuda Inovasi Logistik.
The transaction effectively consolidates logistics assets within the group under the listed entity.
Speaking at the listing, president director Edwin Wibowo said the company aims to build a fully integrated logistics platform spanning trucking, warehousing, freight, and eventually shipping. “Indonesia is an archipelago… we want to integrate end-to-end logistics across the country,” he said, adding that the company is exploring shipping expansion.
He added that BSA Logistics Indonesia was chosen as the listing vehicle due to its more mature, asset-backed business model, compared to other entities within the group, as logistics expansion requires significant capital.
Within the Waresix Group, there are around five subsidiaries, of which BSA Logistics Indonesia contributes the largest revenue.
Waresix group president Eric Dharma said the group operates multiple logistics services across different entities, with BSA representing one of its more mature units. Dharma added that the group plans to continue expanding capabilities through acquisitions to fill gaps in its service chain.
BSA Logistics Indonesia’s shareholders
BSA Logistics Indonesia is controlled by Tiga Beruang Kalifornia Pte. Ltd., Waresix’s Singapore-incorporated entity. Waresix Group CEO and founder Andree Susanto and co-founder Edwin Wibowo are also the beneficial owners of the company, with the ability to determine the company’s management and policies.
According to DealStreetAsia DATA VANTAGE, Tiga Beruang Kalifornia is backed by a roster of institutional investors, including Jungle Ventures, East Ventures, Tiger Global, Temasek-linked vehicles, and SBVA, each holding minority stakes in the single-digit range.
Waresix’s top shareholders
This suggests the listed entity sits within a broader venture-backed structure rather than a standalone logistics group.
The linkage becomes more apparent in the use of proceeds. The acquisition of BIL from BNL involves entities within the same affiliated group—alongside other related entities such as PT Beruang Maritim Indonesia (BMI)—indicating overlap in ownership and control across the founders’ logistics network.
This suggests the IPO also serves to consolidate logistics assets within a broader ecosystem tied to the same founders, including those associated with Waresix.
Founded in 2021, BSA operates across multimodal transportation, trucking, warehousing, and cold storage, with operations spanning major logistics hubs such as Jakarta, Surabaya, Medan, and Makassar.
The company has posted rapid growth. Revenue rose 29% year-on-year to 1.54 trillion rupiah in the first nine months of 2025, while net profit reached 24.39 billion rupiah, up sharply from a low base a year earlier.
Over a longer horizon, revenue expanded from 460.1 billion rupiah in 2021 to 1.79 trillion rupiah in 2024, reflecting aggressive scaling of its logistics operations.
At the IPO price, BSA is valued at approximately 16.8 times earnings and 3.5 times book value, based on its latest financials, compared with other listed logistic companies, such as PT Sidomulyo Selaras Tbk, PT Jasa Berdikari Logistics Tbk, and PT Putra Rajawali Kencana Tbk, among others.
Post-listing, Tiga Beruang Kalifornia Pte Ltd will remain the controlling shareholder with a 79.01% stake, down from 99.69% pre-IPO. PT Permata Gandaria Indah (PGI) will hold 0.24% stake from 0.31%, and the remainder will be held by public investors, 20.75%.
The company’s beneficial owners, Andree Susanto and Edwin Wibowo, will continue to control the business and have committed not to transfer control for at least 12 months following the IPO, alongside an eight-month lock-up for pre-IPO shareholders.
The offering is backed by PT OCBC Sekuritas Indonesia and PT Semesta Indovest Sekuritas as joint lead underwriters, with PT Indo Capital Sekuritas participating on a full-commitment basis.
