JAKARTA (Indonesia Today) – Shares of telecommunication tower operator PT Inti Bangun Sejahtera (IBST) Tbk soared 23.86% Tuesday (Sept 11) after the management of Indonesia Stock Exchange (IDX) lifted the trading suspension.
IBST shares surged 23.86% to Rp5,450 one hour into trading Tuesday with over 1 million shares were exchanged hands. That means the stock has skyrocketed 445% from its IPO price of Rp1,000 late last month.
IDX suspended its trading on Monday due to 197% gain since August 31. IBST launched an initial public offering (IPO) at Rp1,000 per share to raise Rp154 billion. The company started the trading with market capitalization of Rp1.028 trillion. At Rp4,400 per share, IBS Tower’s market capitalization surged to Rp4.5 trillion.
PT OSK Nusadana Securities and PT Sinarmas Sekuritas were underwriters of the IPO.