JAKARTA - The stock price of PT Pollux Investasi International Tbk (POLI) has soared by 49.85% to Rp 2,450 per share following its listing on the Indonesia Stock Exchange (IDX), Thursday (10/1). Upon its initial public offering (IPO), the company set its stock price at Rp 1,635 per share.
POLI is the third new issuer to be listed on the IDX this year. “We are very glad that the IDX has accepted us as a new family member,” said POLI Commissioner R.M. Suryo Amanto as quoted by Kontan.co.id.
In its IPO, POLI released 402,105 new shares or 20% of the company’s placed and paid-up capital. Through this corporate action POLI managed to obtain Rp 657.44 billion in fresh funds.
The company plans to use 76.65% of the IPO proceeds for business development, while the remaining will be used for shareholders’ loan payment and as working capital. In the IPO UOB acted as the securities underwriter. (MS)