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ublicly listed fashion retailer, PT Trisula International, saw its shares increase during initial trading on Thursday and maintained its gains until the market closed and the Jakarta Composite Index (JCI) ended up in the red.

The company’s shares, traded under the code TRIS, opened at Rp 400 (4.24 US cents) apiece, rising 33.33 percent from its initial public offering (IPO) of Rp 300 each. TRIS maintained the increase despite market pressures, ending 6.66 percent higher at Rp 320 apiece compared to the IPO price.

The JCI fell to 0.16 percent to 3,928.57 after about 15 minutes of the opening session. The drop continued and the index finally closed at 3,887.58 on Thursday, a 1.2 percent reduction on the closing figure a day earlier.

The index has gained 1.7 percent so far this year, the worst-performing index compared with other bourses in Southeast Asia, in which Thailand’s SET index is leading the gains with 14.2 percent this year.

Trisula raised Rp 90 billion from offering 300 million shares during an IPO held last week. The company is the sixth company to enter the bourse this year amid concerns over a contagion effect from Europe’s debt crisis.

Prior to the IPO, Trisula was 60 percent owned by PT Trisula Garmindo Manufacturing and 40 percent by PT Karya Dwimanunggal Sejahtera. After the IPO, Trisula Garmindo’s ownership has been reduced to 42 percent and Karya Dwimanunggal’s to 28 percent. The public currently holds a 30 percent stake in Trisula.

Trisula was founded in Bandung in 1968 by Tirta Suherlan as a textile manufacturer of several brands, such as Bellini and Caterina. Today, Trisula has four main apparel brands: JOBB, Jack Nicklaus, Uniasia and Man Club.

Trisula’s president director, Lisa Tjahjadi, said the company was in talks to become the brand holder of two Asian brands.

During the IPO, Trisula’s shares were oversubscribed, with applications for 782 million shares although the company was only offering 300 million shares, according to Kokaryadi Chandra, the president director of PT Sinar Mas Sekuritas, which served as the underwriter for the IPO.

“The shares were offered mostly to institutional investors at about 70 percent, of which around 60 percent comprised foreign investors. We focused on institutional investors, who have long-term investment portfolios,” Kokaryadi said.

Trisula is aiming to book Rp 600 billion in revenue by year’s end, a significant increase from Rp 288 billion in 2011. The jump in revenue will be supported by the company’s acquisition of a 50 percent stake in PT Trisco Tailored Apparel Manufacturing. Trisco is expected to contribute about 30 percent to Trisula’s revenue.

“We are hoping to book Rp 30 billion in net profits by the end of the year,” Lisa said. Last year, the company recorded Rp 6 billion in net profits.

— JP/Raras Cahyafitri