PT Jasa Armada Indonesia (JAI), a subsidiary of state-owned port operator PT Pelabuhan Indonesia II (Pelindo II), plans to buy 15-16 new vessels to strengthen its fleet. The purchase will be financed by the proceeds of the company’s initial public offering (IPO). As announced by the company on Tuesday (Nov 28), the company plans to raise Rp2 trillion via the IPO in December. JAI will offer 1.74 billion shares or equivalent to 30% of total paid up capital at a price of Rp325–530 per share.