Feb 11, 2011

Garuda dives 17.33% on trading debut

Amidst a 0.54% rebound of Jakarta Composite Index at Indonesia Stock Exchange (IDX) this afternoon, T Garuda Indonesia (Persero) Tbk (GIAA) plunged 17.33% to Rp620 at the trading debut from the IPO level of Rp750.
Referring to the closing price this afternoon, market capitalization of Garuda Indonesia has reached Rp14.26 trillion. Garuda stocks at the pre-listing today that once touched the lowest level at Rp580 slumped by 22.66% and highest level at Rp700 fell 6.66% from initial price.
The five biggest net seller of Garuda’s stocks today were Mandiri Sekuritas with Rp28.61 billion, Panca Global Securities Rp22.56 billion, DBS Vickers Securities Rp18.05 billion, Samuel Sekuritas Rp17.18 billion, and Sinar Mas Sekuritas Rp8.59 billion.
The five biggest net buyers of Garuda’s stocks led by Valbury Asia Securities with Rp48.78 billion, e-Trading Securities Rp12.36 billion, Deutsche Securities Rp10.55 billion, Danareksa Sekuritas Rp10.06 billion and Trimegah Securities Rp9.99 billion.
The lead underwriters of Garuda’s IPO were Bahana Securities, Danareksa Sekuritas, and Mandiri Sekuritas also assisted by 53 brokers joined in underwriting syndicate.

Disclosure: No position at the stock mentioned above.  

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