JAKARTA: The initial public offering (IPO) of PT Garuda Indonesia (Persero) Tbk allocated 80% for local investors to respond to higher demand domestically.At teh flag carrier's IPO, the company raised IDR4.75 trillion, from the release of 6.27 billion shares that comprised of 4.4 billion of Garuda's shares and 1.9 billion shares belonging to PT Bank Mandiri (Persero) Tbk.Minister of Stare-Owned Enterprises Mustafa Abubakar said that during the roadshow, local investors show higher interest than foreign investors."Thus, we allocate bigger portion to local investors. We will also increase allocation for retail investors from previously 2% to 5%," he said today.The corporate action gave Garuda to earn IDR3.3 trillion while Bank Mandiri generated IDR1.4 trillion.Mustafa added that Garuda's IPO shares were oversubscribed 1.3 times at the price of IDR750 per share. (NOM)
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