Krakatau gains 47% on IDX debut

Shares in Indonesia’s biggest steelmaker, Krakatau Steel, gained 47 percent in less than 30 minutes following their debut on the Indonesia stock exchange (IDX) on Wednesday.

Krakatau shares (KRAS) were traded at up to Rp 1,250 apiece at 9:33 am, Jakarta time, a 400 point (47.06 percent) jump above the much-debated initial price of Rp 850 per share.

The broader Jakarta Composite Index was also up by 9 points (0.24 percent), to 3,746 at 10 am.

Prior to its listing, Krakatau faced a series of protests from various groups hoping to delay or cancel the planned initial public offering (IPO).

The IPO price was widely cited as too low, which was allegedly an indication of corrupt practices.

Krakatau had previously suggested a range of between Rp 800 and Rp 1,150 for its initial share offering price.