Multifiling gains 70% after debut
The Jakarta Post, Jakarta | Wed, 12/29/2010 1:42 PM
Share prices of record management service company Multifiling Mitra Indonesia (MFMI), a subsidiary of Lippo Group’s Multipolar, soared 35 percent on its debut on the Indonesia Stock Exchange, trading at Rp 270 apiece as soon as the market opened at 9:30 a.m.
MFMI share prices soon rose 70 percent from the initial public offering (IPO) price, hitting Rp 340 apiece by midday.
The company offered 257.58 million new shares, or 34 percent of its enlarged equity, at Rp 200 each earlier this month, collecting Rp 51.56 billion through the IPO.
The shares were oversubscribed by more than three times.
MFMI president director Sylvia Kertawihardja previously said “about 65 percent of the proceeds will be used to fund warehouse development to archive new documents, while the remaining 35 percent is for the company’s capital expenditure”.
Ciptadana Securities was the sole underwriter for the offering.
Multifiling is the 23rd and last firm to float its shares on the Indonesia Stock Exchange (IDX) this year. Officials at the stock exchange had previously targeted 25 newcomers to the bourse throughout 2010. (est)
