JAKARTA (Yosefardi) – Investors focused buying shares of today-listed PT Garuda Metalindo Tbk (BOLT) this morning, then the stock jumped 45.4% to Rp800 per share on its trading debut this morning with over 9.7 million shares valuing of Rp7.5 billion exchanged hands.
BOLT engages in automotive tools, components, and sub-components (nuts and bolts), producing and trading for all types of motor vehicles.
The company had issued 468.75 million shares through the initial public offering (IPO), priced at Rp550 per share, raising total proceeds of Rp257.8 billion.
The IPO proceeds will be used to repaying debt to PT Bank Permata Tbk and Key Source Ventures Ltd (Hongkong) (52% of proceeds), capital expenditure (28%), and working capital (20%).
BOLT booked net profit of Rp114.37 billion in 2014 on revenue of Rp961.86 billion. In 2013, it suffered loss of Rp19.8 billion on revenue of Rp889.75 billion. BOLT’s assets reached Rp906 billion while liability amounted Rp361.6 billion.
Garuda Metalindo is a company controlled by the family of Herman Wijaya and Hendra Widjaja. Public shareholders hold 19.9% shares after the IPO and ESA program.