Privately owned Indonesian port operator Nusantara Pelabuhan Handal (NPH), which raised IDR308.6bn ($23.1m) from its initial public offering, started trading on the Indonesia Stock Exchange (IDX) on Thursday. 

NPH, which is traded under the code PORT, is controlled by tycoon Garibaldi Thohir, who is also president director of coal miner Adaro Energy. 

Local media reported that about 65% of the proceeds, or IDR200.6bn, will be used to repay all of the company's loans to its controlling shareholder Episenta Utama Investasi, which is owned by Garibaldi, while the remainder is allocated for this year's capital expenditure (capex). 

"The capex will be used to purchase equipment and to develop our ports," NPH president director Paul Krisnadi was quoted as saying, adding that the company expects to see revenue growth of 10% this year.

NPH plans to grow its business in the eastern parts of Indonesia, to capitalize on the government's efforts to speed up infrastructure development in the region. South Kalimantan is also seen as an interesting location for its port terminal businesses, likely to leverage on Garibaldi's interests in coal mining. 

NPH has interests in trade, commercial transport and port management and operates a total of four ports currently. In Indonesia, it runs Tanjung Priok in North Jakarta and Tanjung Perak in Surabaya, East Java while in Thailand it operates ports in Laemchabang and Bangkok. 

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