CTRA - PT. Ciputra Development Tbk

Rp 1.220

-35 (-2,79%)

JAKARTA – Given current market conditions, PT Ciputra Development's Tbk subsidiary Ciputra Residence will not shoot IPO again this year. Last year’s plan for the Ciputra Group’s ‘would have been’ fourth listed company was cancelled after its IPO was scrapped.

Listed parent company Ciputra Development has no interest in shooting for another IPO this year according to Director Tulus Santoso. However two of the company’s largest assets, PT Ciputra Surya Tbk and PT Ciputra Property Tbk remain listed.

Ciputra Surya made its debut on the bourse in early 1999 at Rp500 per share. Today, January 20, 2016, Ciputra Surya opened at Rp2,165 almost 77% higher than its original IPO listing price.

On the other hand, Ciputra Property was initially offered publicly at Rp700 per share, now 46% lower than its IPO in 2007. This morning the company opened at Rp375.

Director Santoso added that instead of attaining funding through an IPO, Ciputra Residence will seek funding through bank loans. The company will take a moderate approach in 2016 given the current market. (CH)