Property developer PT Megapolitan Developments Tbk (EMDE) advanced 8% to Rp270 on trading debut today. The company was sold at Rp250 per share during initial public offering (IPO).
During the trading debut today, Megapolitan was moving at the range price of Rp245-Rp270 per share. Director of Indonesia Stock Exchange Eddy Sugito said the IPO is expected not to be the final purpose for Megapolitan.
"To be a publicly listed company means starting to be responsible to public shareholders," he said.
Megapolitan become the first newsly listed company in 2011. The company disposed 850 million shares or 25% of total outstanding shares. It grabbed Rp212.50 billion from the IPO. Henan Putihrai is the IPO underwriter for Megapolitan Developments.
Disclosure: No position at the stock mentioned above.
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