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Pooling demand may exceed allotment in Garuda IPO

JAKARTA: The Ministry of State-Owned Enterprises estimates that the pooling of Garuda Indonesias initial public offering shall exceed the given allotment.Minister of State-Owned Enterprises still expressed its optimism that 5% shares allocation for retail

JAKARTA: The Ministry of State-Owned Enterprises estimates that the pooling of Garuda Indonesias initial public offering shall exceed the given allotment.Minister of State-Owned Enterprises still expressed its optimism that 5% shares allocation for retail investors is achievable. Yet, he declined to comment on the possible excessive demands from such pooling.Our allocation reaches 5% for the retail investors. I cannot predict whether or not it will exceed 5%. One thing for sure, if the 5% level fulfilled, and then we express our deepest gratitude to the underwriter. Nevertheless, we are still optimistic since there is still today and 7 February 2011, he said today.Mustafa only explained that so far the interest over the initial stake of the Indonesian flag carrier is still favorable. Regarding to the fact that only few visitors attending the first day of pooling, Mustafa said that it happens since Garuda begins to employ the online trading system during transactions.According to management, the first day went very good. If its less crowded, then it is simply because Garuda has employed the online system that does not require any queue. It is much easier, he said.He said that the stake allocation for retail investors is upsized from 2% to 5%. Such measure aims to strengthen the basis of retail shareholders beside the tier I investors or long term investors.Mustafa also affirmed that Garudas IPO is relatively normal and no problem occurs. The stock price at IDR750 per share happens to be the most proper level, either for government or company. The stocks will be listed on 11 February 2011. (T02/wiw)

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