JAKARTA (Yosefardi) – Shares of PT Graha Layar Prima Tbk (BLTZ), owner of movie theater chain Blitz Megaplex, gained 10% to Rp3300 per share on its trading debut this morning.
However the volume was thin as investors focused more on selling blue chip stocks after below-expectation election results.
BLTZ listed 337.65 million shares at the Indonesia Stock Exchange (IDX). At current price, it has market capitalization of Rp1.1 trillion.
The company only offered 74.41 million shares to public through the initial public offering (IPO), priced at Rp3000, raised total proceeds of Rp223.23 nillion.
BLTZ will use IPO proceeds to fund its business development and capital expenditure.
It plans to open 7 new cinema studios, partnered with IT consulting company from Korea. Currently Blitzmegaplex has 10 outlets with 90–100 screens.