Garuda IPO: Lost cabin pressure

As many thought before, Garuda Indonesia has eventually lost its cabin pressure. Garuda free falls 22% to the lowest level today Rp580 per share from the IPO level of Rp750 per share. GIAA-shares coded stays at a 20% plunge to Rp600 per share.

The market price seems to move close to the price range originally proposed by three joint lead underwriters at Rp550-Rp650. But, the government came with the IPO range of Rp750-Rp1,100. 

So, what do you say Pak Mustafa? Now, Danareksa, Bahana, Mandiri  Sekuritas have to prevent their 'book' from huge loses.

Note: Thanks for giving me an eye catching title. I use your article title here.

Disclosure: No position at the stock mentioned above.  

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