PP kicks off stock trading
State-owned construction firm PT Pembangunan Perumahan (PTPP) Tbk has kicked off the trading of its stocks on Indonesia Stock Exchange (IDX). The stock gained Rp10 to Rp570 in the opening session this morning. At that price, PTPP has market capitalization of US$293 million.
PTPP lists 4.842 billion issued shares, consisted of government shares of 2.469 billion, workers (1.333 billion), and public (1.038 billion). PTPP raised Rp581 billion from the IPO, of which 59% will be utilized for new investments and 41% for working capital.
The underwriters (Mandiri, Danareksa, and DBS Vickers) claimed an oversubscription of 1.7 x on total offer of Rp900 billion. Fidelity is reportedly one of the buyers of IPO.