Bottled water producer Sariguna Primatirta listed on IDX

Bottled water producer Sariguna Primatirta listed on IDX.
Bottled water producer PT Sariguna Primatirta (CLEO) listed its shares on the Indonesia Stock Exchange (IDX) trading board starting Friday.
The company listed 2.2 billion shares, consisting of a founding stake of 1.75 billion shares and a public offering of 450 million shares.
The nominal value of shares is Rp 100 (0.75 US cent) a piece.
The share price opened Rp 165.43 higher than its offering price of Rp 115.
The company said that during the public offering period, the stocks were oversubscribed up to 2.95 times.
The company earned Rp 51.75 billion from the share sales that would be used to expand its business, president director of Sariguna Primatirta, Belinda Natalia said on Friday.
“We will allocated 95 percent of the proceeds for business expansion and to buy machinery and the remaining funds will be for working capital,” she told reporters after the listing ceremony at the IDX main hall, Jakarta.
On its first day listing on IDX, CLEO was recorded closing at Rp 195 a share or equal to a 70 percent increase from its offering price.
(bbn) The writer is an intern at The Jakarta Post.

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