"Let's pray for Garuda Indonesia [GIAA] IPO today," a message from a banker sent to me yesterday.
According to the banker, no fully subscribe for Garuda IPO. "What executives and government officials said that a fully subscription in Garuda IPO seem to be political statement," the banker said.
Everyone in the market has already heard about efforts of the joint lead underwriters, Bahana Securities, Danareksa Sekuritas, and Mandiri Sekuritas, to sell Garuda shares. In fact, until the last day, they are still struggling.
However, one top executive of the lead underwriters still said that Garuda IPO is fully subscribe. Is it political statement or just to make Mustafa Abubakar, Ministry of State-Owned Enterprises, happy?
How much unsold Garuda shares have been fully underwritten by the lead underwriters?
The banker said the number remains the same of Rp1.5 trillion-Rp2.3 trillion. What newspaper published yesterday was correct. Where do you get the exact numbers?
I heard until 11 am yesterday, one of joint lead underwriters was struggling to sell Rp750 billion?
It may be correct. But, don't worry...the money will come in.
Any solution? or how do they get financing? from other SOEs?
I heard that the lead underwriters have found solution. No..the financing was coming from the lead underwriters themselves. Problem is how to remind Mustafa Abubakar that Bahana, Danareksa, Mandiri Sekuritas are unable to 'hold' Garuda shares in long period. No single executives at the joint lead underwriters have bravery to remind Mustafa about this.
How if Garuda shares plunge in the first debut?
Let's pray...and fasten you seat belt as Garuda may lose cabin pressure.
Disclosure: No position at the stock mentioned above.
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