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hermal coal producer PT Baramulti Suksessarana (BSSR) saw its share price fall during its trading debut on the Indonesia Stock Exchange (IDX) on Thursday.

The weak showing was attributed to investor concern on global coal prices and a bearish outlook for global stock exchanges by a firm executive.

Shares in Baramulti opened at Rp 1,900 on Thursday, down 2.56 percent from its initial public offering (IPO) price of Rp 1,950. BSSR is the first stock this year to open lower after its initial bow on the bourse.

BSSR recorded a marginal rebound in the afternoon before closing at Rp 1,940, down 0.52 percent from the IPO price.

The drop was in line with movement of the IDX’s main price indicator, the Jakarta Composite Index, which was down 0.51 percent to close at 4,327.87.

Baramulti president director Henry Angkasa said that dimmer prospects for coal miners throughout the world and bearish prospects for the global capital market contributed to the drop.

The firm’s corporate affairs director, Geroad Jusuf, described BSSR’s drop after its trading bow as acceptable, given that the firm had raised its IPO price to Rp 1,950 from Rp 1,800, as initially planned, after several large institutional investors expressed interest.

Three such large investors who bought BSSR shares during its IPO were Khopoli Investment Limited, a subsidiary of India’s huge integrated power company Tata Power Company Limited; Japan-based Idemitsu Kosan Co. Ltd; and Geneva-based commodities trader Trafigura, which is the main competitor of major commodity trading and mining company Glencore International Plc.

According to Geroad, Khopoli purchased about 2.6 percent of Baramulti’s 261.5 million shares offered during its IPO, while Idemitsu and Trafigura each purchased about 3 percent.

Khopoli also had an option to buy a 23.4 percent in Baramulti from its founder. The company exercised the option after Baramulti listed its shares and currently holds a total 26 percent stake in Baramulti, Geroad said.

Prior to the IPO, Baramulti was 92.5 percent owned by its founder, Athanasius Tossin Suharya, who currently serves as the company’s president commissioner.

The firm’s president director Henry Angkasa and commissioner Stephen Ignatius Suharya hold a 5 and 2.5 percent stake in the company respectively.

After the IPO and Khopoli’s execution of the option, Baramulti is currently 61.6 percent owned by Athanasius, 26 percent owned by Khopoli, 3.3 percent owned by Henry Angkasa, 1.7 percent owned by Stephen and 10 percent owned by the public.