UP 49,56% ON THE FIRST DAY, MAHKOTA GROUP (MGRO) SHARES STUCK AT THE UPPER LIMIT
12 July 2018
KONTAN.CO.ID - JAKARTA. PT Mahkota Group Tbk (MGRO) has listed and traded its initial shares (listing) on the Indonesia Stock Exchange (IDX) Thursday, (11/7) with the stock code MGRO. On the first day of trading, MGRO shares jumped 49.56% to IDR 338 per share.
Prama Nugraha, Director of Panin Sekuritas, which is the underwriter of MGRO's IPO, said MGRO investors are mostly retail or individuals, dominated by investors from North Sumatra. MGRO sold 703.68 million new shares with an offering price of IDR 225.
“More retail, around 80% and there are also foreign investors but few. There are more investors from Sumatra, foreign investors are around 10%,” said Prama.
MGRO received IPO funds of IDR 158.32 billion. This plantation sector issuer will use 60% of the IPO funds for the development of the downstream industry, and 40% as working capital for its subsidiaries.
The PER value of this stock, using the 2019 ratio is 7x. The offering price of IDR 225 was set because the fundamentals and prices with similar companies were reasonable. “The determination at IDR 225 is because when the determination has been evaluated in terms of fundamentals and also from similar industries the price is reasonable, and when it was set at IDR 225 there were also many enthusiasts,” said Prama.
MGRO listed 3.51 billion shares on the IDX, with details of 2.81 billion founding shares, 689.89 million open shares and employee stock allocation of 13.78 million shares.