PT Pembangunan Perumahan Tbk (PP) slightly rose 3.57% from its initial price of Rp560 to a closing level of Rp580 per share on the first debut in Indonesia Stock Exchange today.
PP has set its IPO price of Rp560 per share, 5% higher from the lowest level of price range Rp530-Rp900 per share.
During its IPO, PP offloaded 1.04 billion shares, grabing Rp580 billion fresh cash from the primary market. PT Mandiri Sekuritas, PT Danareksa Sekuritas, and PT DBS Vickers Securities Indonesia underwrite the IPO.
As of market closing today, Panin Sekuritas ranked first as the top brokerage with net buy of Rp34.82 billion in PP stocks, while Danareksa Sekuritas was the net sell brokerage for the stocks worth Rp19.62 billion.
PP management explained that the state-owned contractor has set target 120% jump in net profit this year to Rp358.6 billion compared to the same periode last year of Rp163 billion.
According to a research report published by Mandiri Sekuritas, PP is estimated to book Rp254 billion in net profit or Rp52.48 per share this year, while its peer, Danareksa Sekuritas, expects that PP will post Rp258 billion or Rp53.31 per share in net profit this year.
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