Analisis IPO (Initial Public Offering) Bank Rakyat Indonesia

HIMMATUSSUROIYAH, Sherine, Prof.Dr. Mas'ud Machfoedz, MBA

2004 | Tesis | Magister Manajemen

Penelitian ini bertujuan untuk menganalisis dan memahami lebih dalam tentang proses penawaran saham perdana ke publik atau Initial Public Offering (IPO) Bank Rakyat Indonesia (BRI) mulai dari prose s penunjukan penjamin emisi efek (underwriter), alasan penunjukan penjamin emisi efek (underwiter); proses penentuan harga penawaran saham Bank Rakyat Indonesia pada pasar perdana; syarat penjamin emisi efek (underwriter) apakah berdasarkan full commitment ataukah based effort; serta pelaksanaan road show IPO Bank BRI. Metode penelitian yang digunakan adalah metode kualitatif dan normatif. Metode ini merupakan metode analisis yang berusaha menyajikan dan menjelaskan, serta menganalisis data sehingga dapat memberi gambaran yang cukup jelas atas objek yang diteliti. Metode pengumpulan data yang di pakai ada dua yaitu metode pengumpulan data primer, dengan wawancara dan observasi, serta metode pengumpulan data sekunder penelitian kepustakaan (library research) dan review dokumen perusahaan. Kesimpulan yang dihasilkan dari penelitian ini adalah: 1) IPO Bank Rakyat Indonesia berjalan sukses dimana harga saham yang sangat bagus serta penawaran saham perdana tersebut mengalami kelebihan permintaan (oversubscribed) hingga 15,7 kali di dalam negeri dan oversubscribed sebanyak 20 kali di luar negeri, 2) Bank Rakyat Indonesia (BRI) menetapkan penjamin emisi (underwriter) UBS dan PT. Bahana Securities Sedangkan asset appraisal oleh perusahaan penilai terpilih PT. Piesta Penilai dan PT. Satyama Graha Tara, 3) Alasan terpilihnya PT Bahana Securities selaku penjamin emisi saham Bank BRI dikarenakan PT Bahana Securities tergolong bereputasi tinggi, 4) Harga saham Bank Rakyat Indonesia ditentukan sebesar Rp875 per saham ya ng merupakan fungsi dari kelipatan harga pasar terhadap nilai buku (PBV multiple) sebesar 1,41 yang merupakan nilai wajar untuk Bank BRI dibandingkan dengan bank-bank lain yang setara di Indonesia, 5) Penjaminan emisi efek Bank Rakyat Indonesia berdasarka n full commitment, 6) Bank Rakyat Indonesia melakukan penjajakan pasar di dalam negeri seperti (Bandung, Semarang, Surabaya, Makassar dan Medan), sedangkan di luar negeri road show dilakukan di negara-negara di Asia (Singapura, Hong Kong), Eropa (Inggris di London), Amerika Serikat di West Coast, yang dilakukan mulai 13-28 Oktober 2003.

This research aims at analysing and understanding more deeper about the initial public offering process of Bank Rakyat Indonesia starting from process of referencing underw riter, the reason why that underwriter being chosen; determining share price of Bank Rakyat Indonesia at capital market; the guarantee of share by underwriter whether based on full commitment or based effort; and also IPO road show of Bank Rakyat Indonesia. Research method which is used in this research is qualitative and normative method. This research method represent the analysis method trying to present and explain, and also analyze the data so that can give the self explanatory picture for accurate object. Data collection method which is used in this research that is primary data collection method, which is consist of interview and observation, and also secondary data collection method which is consist of library research and review of company document. Conclusion yielded from this research are: 1) Initial public offering of Bank Rakyat Indonesia became success where very good share price and also the demand of the share became oversubscribed till 15,7 times in country and oversubscribed as much 20 times in abroad, 2) Bank Rakyat Indonesia decide UBS and PT. Bahana Securities as underwriter of Bank Rakyat Indonesia while asset appraisal by chosen company PT. Piesta Penilai and PT. Satyama Graha Tara, 3) PT Bahana Securities as underwriter of Bank Rakyat Indonesia because PT Bahana Securities pertained by high reputation company, 4) The share price of Bank Rakyat Indonesia determined by equal to Rp875 per share representing function from fold of market price to book value (PBV Multiple) equal to 1,41 representing fair value for Bank Rakyat Indonesia compared to other bank in Indonesia, 5) The share guarantee of Bank Rakyat Indonesia by underwriter is based on full commitment, 6) Bank Rakyat Indonesia conduct the road show in country like (Bandung, Semarang, Surabaya, Makassar and Medan), while in abroad road show conducted in Asia ( Singapura, Hong Kong), Europe ( England in London), United States in West Coast. This road show which is conducted by Bank Rakyat Indonesia starting from 13 until 28 October 2003.

Kata Kunci : Pasar Modal,Penawaran Perdana, Initial Public Offering