JAKARTA (Yosefardi) – Shares of PT Cipaganti Citra Graha Tbk (CPGT) dropped 17% to Rp157 per share in its trading debut this morning, compared to its IPO price of Rp190 per share.
The company offered 2 billion shares through IPO, representing 40% of its enlarged capital after IPO, raising Rp400 billion funds.
Its peer, PT Express Transindo Utama Tbk (TAXI) and PT Adi Sarana Armada (ASSA) also declined 0.75% and Rp1.85% respectively. TAXi was traded at Rp1,320 while ASSA Rp265.
Cipaganti booked revenues of Rp639 billion and net profit of Rp76 billion in 2012. In 2007, the company booked revenues of Rp110 billion and net profit of Rp2.1 billion.
Cipaganti operates a fleet of 3620 units of cars and busses. It also provides heavy equipment rental services with a fleet of 523 units of buldozers, crane, dump truck, excavator, etc.
Overall, transportation service contributed 71.44% of its total revenues last year, while heavy equipment rental generated 23.57% of the total.