JAKARTA (Yosefardi) – Shares of property developer PT Mega Manunggal Property Tbk (MMLP) jumped 47.8% to Rp865 per share on its trading debut this morning with over 13 million shares exchanged hands valuing of Rp10.5 billion.
The company has offered 1.71 billion shares through the initial public offering (IPO), representing 30% of its total issued and paid-up shares capital, priced at Rp585, raising total proceeds of Rp1 trillion.
The IPO proceeds will be used for funding land purchase and investing in shares of companies with similar business (90%) and for capital expenditure (10%).