Secara bottom line, tujuan dibentuknya entitas bisnis adalah untuk menghasilkan laba dan peningkatan nilai perusahaan. Laba dan nilai perusahaan merupakan resultante dari proses pengelolaan perusahaan. Dalam penjabarannya, Kementerian BUMN telah membuat peta jalan bagi peningkatan nilai melalui BUMN incorporated, program profitisasi dan privatisasi perusahaan. Untuk mencapai sasaran demikian, maka tata kelola korporasi harus berorientasi kepada penciptaan nilai, dengan kinerja finansial dan operasional setara best parctices, serta pengembangan core competence dengan fokus pada industri sekunder dan tersier (hilir). Dengan cara demikian, sasaran kualitatif PTPN IV menjadi perusahaan kelas dunia akan tercapai. Sebelum menempuh melakukan penawaran emisi (go public), perusahaan harus dipersiapkan dengan seksama, meliputi syarat substansi dan formal/administratif. Syarat substansi yang dimaksud adalah peningkatan kinerja fisik dan ekonomi, sehingga mampu menarik calon investor. Restrukturisasi dan peningkatan kinerja melalui profitisasi merupakan langkah-langkah yang harus ditempuh perusahaan sebelum melakukan privatisasi. Sedangkan aspek administratif/formal meliputi pemenuhan prosedur administrasi dan tahapan emisi saham. Atas landasan pemikiran demikian, agar privatisasi PTPN IV berhasil, maka langkah pertama adalah menganalisis kinerja dan performance perusahaan dibandingkan perusahaan sejenis yang best practices. Selanjutnya menyusun langkah-langlah perbaikan atas kekurangan yang masih ada, menyusun sistematika privatisasi dan menentukan waktu yang paling tepat untuk melakukan initial public offering (IPO). Kelancaran dan kesukseskan langkah-langkah di atas sangat menentukan keberhasilan proses privatisasi, yang pada akhirnya harga saham yang dinilai pembeli pada pasar perdana jauh di atas nilai nominalnya.

Basically, the establisment of business entity is to gain profit and improvement of company value. Profit and company value is resultant of the company management process. In its explanation, the Ministry of BUMN (State-owned enterprice) has made a road map to improve the value through BUMN incorporated, program profitisasi (profitization) and company privatization. To meed the objectives, the corporation management must be oriented to value creation with the financial and operational performance, equal to the company of the best practices and the development of core competent focusing on the secondary and tertiary industries. Thus, the qualitative objective to make PTPN IV a world-class company will be made. Before deciding to offer the emision (go public), the company must be accurately prepared including that of substantial and formal/administrative requirements. Substantial requiements in this context are the improvement of physical and economic performances that can invite the investors-to-be to come while the aspect of administrative/formal includes meeting the procedure of administration and the stages of share emision. Restructuring and improving the performances through profitisasi (profitization), are steps to be taken by a company before doing privatization. Based on this insight, the first step to be taken in succeeding the privatization of PTPN IV, is to analyze its performances and to compare its performances with that of the same company of the best practices, then, to arrange the steps of bettermen for the existing limitations and to arrange the privatization sytem and to determine the most appropriate time to carry out the initial public offering (IPO). The efficiency and success of the step mentioned above does determine the success of the privatization process that share price valued by the buyer in the prime market is eventually higher that its nominal value.

Kata Kunci : Privatisasi,PTP Nusantara IV, Buttom line, share emision, initial public offering (IPO), best practices, profitization, privatization, go public, competence, BUMN incorporated.