TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Era Mandiri, Agro Yasa make strong debut on local stock market
During their initial public offerings (IPOs) early this month, Era Mandiri and Agro Yasa Lestari raised Rp 39.99 billion and Rp 25.87 billion, respectively, from investors.
Change Size
The assessment director of the Indonesian Stock Exchange (IDX),I Gede Nyoman Yetna (middle) officially inaugurates the listing of PT Era Mandiri Cemerlang Tbk (IKAN) and PT Agro Yasa Lestari Tbk on Wednesday. (JP/ydp)
F
ishery products producer PT Era Mandiri Cemerlang Tbk and asphalt, geosynthetic and soya beans meal manufacturer PT Agro Yasa Lestari Tbk made a strong debut on the Indonesian Stock Exchange (IDX) on Wednesday with share prices rising more than 70 percent.
The share price of PT Era Mandiri (IKAN) rose sharply to Rp 204 (1.5 US cents) per share, a 70 percent increase from Rp 120 during the initial public offering (IPO) just a few minutes after trading started.
PT Agro Yasa (AYLS) also received a warm welcome when it debuted on the local stock exchange. Its share price also rose by 70 percent in the morning trading session to Rp 170 per share from its IPO price of Rp 100 per share.
However, trading of the two companies’ shares was temporarily suspended as the increase in their prices exceeded the allowable increase limit for a single-day transaction as regulated in the exchange’s auto rejection regulation.
In early trading on Thursday, Agro Yasa’s share prices continued to rise. Just before the closing of the morning session, it had increased by almost 35 percent to Rp 228 per share. The share price of Era Mandiri also continued its rally, rising nearly 25 percent to Rp 254 per share before the afternoon break.
During their IPO, which took place earlier this month, Era Mandiri and Agro Yasa Lestari raised Rp 39.99 billion and Rp 25.87 billion, respectively, from investors. Both will allocate a majority of those funds to strengthen their capital structure.
Era Mandiri plans to use about 80 percent of its OPO proceeds to finance its business expansion.
