Feb 11, 2011

Garuda underwriters in Rp390 bio loss

Three joint lead underwriters (JLU) for the initial public offering of PT Garuda Indonesia (Persero) Tbk (GIAA) invisibly has lost Rp130 per share or Rp390 billion at the first day of listing.
In fact, the GIAA-coded stocks were closed down 17.33% to Rp620 from initial price. As the result, three JLU namely Bahana Securities, Danareksa Sekuritas and Mandiri Sekuritas that absorbed 3.01 billion of unsold Garuda shares at Rp750 or equivalent to Rp2.25 trillion, has lost Rp390 billion of the stock value.
"Of the 3.01 billion shares of Garuda that forced to swallow by the three JLUs, this divided equally, so that one JLU absorb 1 billion shares. When prices fell by Rp130, the three JLU lost Rp390 billion. I do not know exactly how much the loss suffered by 53 brokers who joined in syndication," said a source who knows the deal.
In the IPO, Garuda sold 6.34 billion shares or 27.89% consist of 4.40 billion new shares with B series and 1.94 billion shares belong to PT Bank Mandiri Tbk.
In accordance with the full commitment in the underwriting agreement, three JLU undertakes to underwrite 5.23 billion shares of Garuda or worth Rp3.92 trillion.
If 3.01 billion of Garuda shares forced to swallow by three JLUs or its affiliation, it means only 2.22 billion shares or Rp1.66 trillion that purchased by public investor.
As much as 3.33 billion shares of Garuda were absorbed by 11,068 public investors through pooling and fixed allotment.
Garuda during the trading debut today dived the lowest level at Rp580 slumped by 22.66% and highest level at Rp700 fell 6.66% from initial price.
The 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 biggest net buyer of Garuda’s stocks led by Valbury Asia Securities with Rp48.78 billion, eTrading Securities Rp12.36 billion, Deutsche Securities Rp10.55 billion, Danareksa Sekuritas Rp10.06 billion and Trimegah Securities Rp9.99 billion.
The 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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