JAKARTA – The shares of PT Chemstar Indonesia Tbk (CHEM), a chemical ingredient manufacturer, recoded an oversubscription of 46.6 times the allotted pooling throughout the initial public offering (IPO) on July 4-6, 2022. CHEM kicked off its debut in the stock exchange by listing its shares publicly today (8/7).
Kwee Sutrimo, President Director of Chemstar Indonesia, said that CHEM’s stock price is categorised as undervalued compared to its competitors. “CHEM’s shares are the fourth most affordable company in its sector after FPNI, ESSA, and BMSR," he revealed in the press release.
According to Sutrimo, the prospect of CHEM’s performance is promising. Moreover, the Indonesia Fiber & Filament Yarn Producer Association (lit. Asosiasi Produsen Serat & Benang Filamen Indonesia/APSyFI) has predicted 10% growth in the textile industry this year.
CHEM also intends to be a sustainable chemical ingredient manufacturer for the textile industry after registering as a participant in supporting Indonesian Chamber of Commerce and Industry (lit. Kamar Dagang dan Industri Indonesia/KADIN) in its net zero hub (NZH) agenda.
CHEM is known to successfully collect IDR 75 billion from offering 500 million shares of IDR 25 per share. In addition to these, the company also issued 250 million Series I Warrants or 20.83% of the total issued and paid-up capital of the company during the registration of IPO. (LK/ZH)