ANDA IPO Offers 1.67 Billion Shares, Here Are the Price and Schedule

Rp158 to Rp189 per share, that is the price range set by PT Andalan Artha Primanusa Tbk in the ANDA IPO. This mining contractor company opened its initial offering period on November 5, 2026 and is preparing for its debut listing on the Indonesia Stock Exchange (IDX) in early December. Below are the ANDA IPO price, share details, and full schedule.

Key Takeaways

• The ANDA IPO releases up to 1.676 billion new shares (25.10% of post-IPO capital) at Rp158–Rp189.
• The public offering runs November 24–27, 2026, with planned listing on IDX on December 1, 2026.
• Buyers of new shares also receive Series I Warrants, with a ratio of 1 warrant for every 7 shares.

What Is the ANDA IPO and Who Is Andalan Artha Primanusa?

PT Andalan Artha Primanusa Tbk is a mining contractor company that works on commodities from coal to nickel, according to EmitenNews. Katadata classifies it as an energy sector issuer. The company's shares will trade under the code ANDA.

All offered shares come from new shares issued from the company's authorized capital. Their nominal value is Rp10 per share. PT Henan Putihrai Sekuritas was appointed as the underwriter, as quoted by Katadata from the prospectus.

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Read Also: Lo Kheng Hong Buys Up ABMM Shares: What Is Attractive About This Issuer?

ANDA IPO Price and Details of the Shares Offered

The company offers a maximum of 1,676,000,000 new shares, equivalent to 25.10% of the issued and fully paid capital after the IPO. The offering price range is Rp158 to Rp189 per share.

If all shares are absorbed at the upper limit, the issue value reaches a maximum of Rp316.764 billion. That figure is cited by EmitenNews and is in line with Katadata's calculation, namely Rp316.76 billion. If calculated from the lower limit, the issue value is around Rp264.8 billion. This last figure is a calculation result, not an official company statement.

The final price has not yet been set. The initial offering period (book building) is still running to gauge investor interest, so the final offering price will only be locked after that process is completed.

ANDA IPO Schedule: When Are the Public Offering and Listing?

The question "when is the ANDA IPO" can be answered through the following timeline, quoted from EmitenNews and Katadata:

• November 5–17, 2026: initial offering period (book building)
• November 23, 2026: effective date
• November 24–27, 2026: initial public offering period
• November 27, 2026: allotment
• November 30, 2026: refund of subscription funds, and electronic distribution of shares and Series I Warrants
• December 1, 2026: planned listing of shares on IDX

This schedule applies if there are no changes from the company or authorities. Check official announcements before the public offering period.

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Series I Warrants: Bonus Accompanying the New Shares

In addition to shares, the company issues a maximum of 239,429,000 Series I Warrants. This amount is equivalent to 4.79% of the total issued and fully paid shares when the IPO registration statement was submitted, according to Katadata.

The rule is simple. Every holder of seven new IPO shares receives one warrant. One warrant gives the right to buy one new share at an exercise price of Rp695 per share. Warrants can be exercised from June 1, 2027 to December 1, 2028.

If all warrants are exercised, the company could potentially raise additional funds of up to around Rp166.40 billion. Keep in mind that warrant holders are not yet shareholders before the warrants are converted, so they are not entitled to dividends.

Things Prospective Investors Need to Pay Attention To

First, the "maximum" quota means the number of shares actually released may be smaller than 1.676 billion. Second, the final price follows the book building result, so it can be anywhere within the Rp158–Rp189 range.

Third, the source articles we referenced have not detailed the use of IPO proceeds or the company's financial performance. You should check both directly in the prospectus before subscribing to shares. Fourth, new shares including warrants may be diluted when the warrants are converted in the future.

The prospectus and additional information are available through the underwriter and official exchange channels. All contents of this article are informational and not investment advice.

Conclusion

The ANDA IPO offers up to 1.676 billion new shares at Rp158–Rp189 per share and a maximum issue value of Rp316.76 billion. The public offering runs November 24–27, 2026, and the shares are planned to list on IDX on December 1, 2026. Study the prospectus, monitor the final price, and align your decision with your risk profile.

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FAQ

What is the stock code of PT Andalan Artha Primanusa Tbk?

The code is ANDA. The company's shares will trade on IDX under that code after listing.

What is the ANDA share price during the IPO?

The offering range is Rp158 to Rp189 per share. The final price awaits the result of the initial offering period.

When are the allotment and refund of ANDA share subscription funds?

Allotment falls on November 27, 2026. Unused subscription funds are returned on November 30, 2026.

What is the benefit of holding Series I Warrants?

Holders are entitled to buy new shares at Rp695 during the period June 1, 2027 to December 1, 2028. This right only applies after the warrant is exercised, so it does not yet include dividend rights.

Who is the underwriter for the ANDA IPO?

PT Henan Putihrai Sekuritas acts as the underwriter.