JAKARTA (Yosefardi) – Investors focused buying shares of industrial estate developer PT Puradelta Lestari Tbk (DMAS), then the stock jumped 10% to Rp231 per share on its trading debut this morning, compared to IPO price of Rp210 per share.
DMAS was the most actively traded stock this morning at the Indonesia Stock Exchange (IDX) as some 276.88 million shares were exchanged hands.
DMAS lists 48.2 billion shares with market capitalization of Rp10.12 trillion. The company has downsized its IPO by half to only 4.82 billion shares, or 10% of its total issued and paid-up shares capital.
DMAS earlier planned to offer 10.84 billion shares or 20% of its total shares. The IPO price is set at Rp210, lower bound of its IPO price range set earlier (Rp210-350), raising total proceeds of Rp1.01 trillion.
The IPO priceeds will be used to fund the development of Deltamas project (60%), to fund land clearance in Bekasi, and to support working capital (10%). PDL booked net profit of Rp964 billion in 2014, compared to Rp941 billion in 2013.
Sales declined 15.8% to Rp1.54 trillion from previous Rp1.82 trillion. Industrial segment contributed Rp799.6 billion, commercial segment contributed Rp694.47 billion, and residences contributed Rp44.15 billion. Its assets reached Rp2 trillion while liability amounted Rp1.21 trillion.