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Jakarta Post

Companies reschedule IPO plans over volatile market

  • News Desk

    The Jakarta Post

Jakarta   /   Thu, May 17, 2018   /   10:42 am
Companies reschedule IPO plans over volatile market The trading floor of the Indonesia Stock Exchange (IDX) building. (JP/Wienda Parwitasari)

Several companies have announced their intention to reschedule plans for an initial public offering (IPO) due to ongoing volatility in the domestic stock market.

Pipe manufacturer PT Wahana Duta Jaya Rucika is among the companies to postpone its IPO, Indonesia Stock Exchange (IDX) director Samsul Hidayat said on Wednesday

However, he declined to provide the reasons behind Rucika’s decision.

Meanwhile, securities firm Mandiri Sekuritas director Laksono Widodo said several of the firm’s clients had expressed a similar desire.

“Two companies want to postpone their IPO plans; they have rescheduled their IPO to the second half of 2018,” Laksono said as reported by kontan.co.id, though declined to provide names.

Samsul conceded that the stock market had recently experienced a number of setbacks, including a rupiah depreciation against the US dollar. However, he assured that the situation was not severe, and the market was still controllable.

On Wednesday, the Jakarta Composite Index (JCI) dropped by 78.11 points, or 1.34 percent, to 5,760 as stocks in all sectors declined. But the JCI strengthened by 15.98 points or 0.29 percent, to 5,859 at 9.11 a.m. on Thursday.

Thursday morning trading was quiet with 41 shares strengthened, 19 stocks staying flat and 10 stocks weakening. (bbn)