Oct 11, 2011

SMR Utama IPO debut jumps 8.33%

PT SMR Utama Tbk yesterday ended its debut at Indonesia Stock Exchange at a 8.33% higher to Rp650 a share from its primary level at Rp600.
Reza Priyambada, Managing Research of PT Indosurya Asset Management, said the higher closing level was driven by investor appetite to seek gain from the IPO stock. The increase was also inline with Jakarta Composite Index that slightly increase 0.74% to 3,451.08.
The company sold 500 million of new shares or 33.33% of its enlarged capital to the public investor. In total, SMR Utama will gran a proceed of Rp300 billion from the IPO.
SMR Utama will use Rp250 billion of the proceed for additional capital paid in in PT Soe Makmur Resources (SMR). 
Post the IPO, SMR Utama will be controlled by PT Dana Hayati Wisesa with 13.33%, PT Alam Abadi Resources with 53.33%, and public shareholders with 33.33%. PT Andalan Artha Advisindo Sekuritas (AAA) is the IPO's lead underwriter.

Disclosure: No position at the stock mentioned above.

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