Nov 26, 2010

Borneo surges 17% on trading debut

Indonesian hard coking coal miner PT Borneo Lumbung Energi & Metal Tbk (BORN) today surged 17.1% to Rp1,370 per share during the trading debut from the IPO level at Rp1,170.
Borneo stocks moved in the range of Rp1,300-Rp1,400 and recorded Rp20.7 trillion market capitalization.
The company sold 4.42 billion new shares or 25% stake of its enlarge capital during the IPO, enabling it snaps up Rp5.17 trillion proceed.
Indonesia Stock Exchange President Director Ito Warsito said Borneo is listed at the development board.
Borneo's President Commissiober Sjamsir Siregar said the company's market capitalization is the second biggest among companies listed this year, after PT Indofood CBP Sukses Makmur Tbk (ICBP). 

Disclosure: No position at the stock mentioned above. 

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