Gunawan Steel kicks off IDX trading

PT Gunawan Dianjaya Steel (GDST) Tbk will start the trading of its stocks on Indonesia Stock Exchange (IDX) Wednesday, December 23rd. GDST is the 13th company listed on IDX this year, raising Rp160 billion from the IPO of 1 billion shares.

Gunawan Dianjaya Steel's IPO price is Rp160. With total listed shares of 8.2 billion GDST will have initial market cap of Rp1.312 trillion or about US$140 million. The company had total asset of Rp911 billion as of June 30, 2009 with sales revenue of Rp830 billion in the first half 2009 and operating loss of Rp318 billion. The company reported net profit of Rp83 billion last year on sales revenue of Rp3.02 trillion and operating profit of Rp417 billion.

After the IPO, Kellywood Holdings Limited controls 51.37% shares in GDST, followed by Bavarian Venture Investment Limited with 35.94%, PT Jaya Pari Steel (JPRS) Tbk 0.49%, and public 12.2%.

Number of IPOs dropped substantially this year to 13, so far, from 19 last year and 24 in 2007. Total funds raised through IPO this year also crashed to Rp3.8 trillion from Rp24.39 trillion last year and Rp17.18 trillion in 2007.

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