Two Indonesian companies went in different directions in their trading debut on the local stock exchange on Tuesday.
Tri Banyan Tirta, which trades under the ticker symbol ALTO, is a producer of natural spring and mineral water drinks. Its shares jumped to Rp 315, a rise of 50 percent from their initial public offering price of Rp 210 in trading on the Indonesian Stock Exchange.
The company raised Rp 63 billion ($6.7 million) from selling shares in last week’s IPO. Proceeds from the first-time public share sale will be used to fund working capital, repay debt and expand its distribution fleet, the company said in a brief prospectus published in local newspapers last week.
The company has a plant in Babakan Pari in Sukabumi, West Java.
Tri Banyan produces various sizes of water bottles: 240 milliliters, 330 ml, 600 ml and 1,500 ml, according to its website.
Tri Banyan’s share performance beat that of the benchmark stock measure, the Jakarta Composite Index, which rose 0.6 percent to close at 4,009.68.
Bucking the market’s trend, shares of Global Teleshop, a mobile-phone retailer, failed to make a stellar debut.
The company, whose shares traded on the ticker symbol GLOB, fell 0.9 percent to close at Rp 1,140.
It raised Rp 127.8 billion last week by selling 11.11 million shares at Rp 1,150 each in its IPO last week.
Januar Chandra, the company’s finance director, said last week that the company had set aside Rp 40 billion to Rp 50 billion as capital expenditure for this year. The funds will be used to finance the opening of new outlets.
The Jakarta-based company expects to increase its net income to Rp 100 billion this year, compared to Rp 77.58 billion in 2011. Revenue has been forecast to rise 63 percent to Rp 3.1 trillion this year.
The two debutantes were the latest Indonesian companies to make their trading debut on the local bourse in recent weeks, defying a trend in other parts of Asia such as Hong Kong, where companies have delayed their IPOs.
Toba Bara Sejahtra, a coal miner, made its trading debut last week while MNC SkyVision, a pay TV operator, made its debut on Monday.