JAKARTA - The stock price of PT Krida Jaringan Nusantara Tbk (KJEN) has jumped 49.5% to Rp 302 per share on the first day of trading on the Indonesia Stock Exchange (IDX), Monday (1/7). In today’s initial public offering (IPO), the delivery and logistics company released 150 million shares or 30% of its placed and paid-up capital for Rp 220 per share.
Due to the price increase that exceeds the IDX’s limit, KJEN shares have automatically been rejected. The IDX limits the movement of stock prices to 25% per day for stocks priced in the range of Rp 200 to Rp 5,000 per share.
From the IPO, KJEN pocketed fresh funds of Rp 30.30 billion, which the company will use to repay the purchase of land and building in Senen, Central Jakarta to support operational activities. According to KJEN CEO Dewi Prasetyaningsih, during the bookbuilding period from June 21-24, 2019 the company’s shares were oversubscribed by 4.58 times.
“This shows that the public has a high level of trust in us, considering the rapid growth of e-commerce in the industrialisation era,” said Ms Prasetyaningsih. (MS)