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Underwriters lose

JAKARTA: Different from the story behind the initial public offering (IPO) of PT Krakatau Steel, three underwriters in the IPO of PT Garuda Indonesia (Persero) Tbk may have to absorb the unsold stocks to the investors in the amount of IDR1.5 trillion-IDR2.3

JAKARTA: Different from the story behind the initial public offering (IPO) of PT Krakatau Steel, three underwriters in the IPO of PT Garuda Indonesia (Persero) Tbk may have to absorb the unsold stocks to the investors in the amount of IDR1.5 trillion-IDR2.3 trillion.Ironically, the apsorption of foreign investors missed the target of 20% of the total shares released to public. Foreign investors absorps not more than 1.9% of the offered shares, which is equal to IDR91 billion. Some executives involved in the consolidation of IPO Garuda Wednesday night revealed that on the last day of the offering, many future investors canceled the purchase so the amount of shares to be absorbed by the underwriters swelled. Latest data shows that the share value to be absorbed is IDR2.3 trillion because many investors canceled the subscription at eleventh hour. One of them subscribed for IDR100 billion, but only paid for IDR10 billion," one of the executives said yesterday. According to him, because of the amount of shares to be absorbed is quite high, the securities companies as the underwriters - PT Bahana Securities, PT Danareksa Sekuritas and PT Mandiri Sekuritas - are burdened. As the underwriters, those securities companies have full commitment to absorb the remaining stocks that are unsold to the investors. Having the unprofitable condition, those underwriters came to Bapepam (Capital Market and Financial Institution Supervisory Agency) office Tuesday night. Danareksa Sekuritas and Mandiri Sekuritas expressed their readiness ro absorb the unsold. Yet, Bahana Securities asked for an exception in absorbing the stocks based on its capacity."Although there is a request from Bahana, yet at last, all agree to meet their commitment," said another source.President Director of Bahana Securities Eko Yuliantoro while confirmed by Bisnis, in fact gave no comment on that condition.Different from Eko, Director of mandiri Sekuritas Iman rachman said," I would say No Comment. There will be official statement. Until now, I have not received a report," he confirmed.Similar commment came from President Director of PT Danareksa (Persero), the holding company of Danareksa Sekuritas, Edgar Ekaputra.According to him, report on Garuda's IPO is not yet final. "Oversubscribe or undersubscribe, Danareksa will always meet its commitment as underwriter." Acting Finance Director of Garuda Indonesia Elisa Lumbantoruan only gave brief comment. "Not yet [receive a report]. It seems they [underwriters] are in consolidation."Deputy Minister of Restructuring and Privatization at Ministry of SOEs Pandu Djajanto said that the unsorbed stocks by investors are market mechanism they could not avoid. "Those [the unsorbed stocks] are due to market mechanism. Still, we will officially announce the results in next few days, and we have not yet received the data," said Pandu. Garuda's IPO prospectus released on February 2 said that Bahana, Mandiri and Mandiri will extend full commitment to the portion of Garuda's stocks they guarantee as much as IDR3.91 trillion or 5.23 billion shares. From IPO, Garuda will raise IDR3.30 trillion by offering 4.40 billion new shares, while PT Bank Mandiri Tbk, the holding of Mandiri Sekuritas, will raise IDR1.45 trillion from selling 1.94 billion shares in Garuda.Parents' helpThe source added that Danareksa Sekuritas and Bahana Securities may be helped by each of their parent companies, PT Danareksa (Persero) and PT Bahana Pembinaan Usaha Indonesia (BPUI). "If Danareksa [Persero] and BPUI will not help absorb the Garuda's sahres, net adjusted working capital [MKBD] of Danareksa Sekuritas and Bahana Securities can be eroded if Garuda's shares drop on the initial listing," said the source.Mandiri Sekuritas may 'swallow' itself since its parent company Bank Mandiri is not allowed to do the same thing as the parent companies of Danareksa and Bahana Securities do.Danareksa now has IDR1.47 trillion in cash derived from bond issuance priced at IDR500, while cash and cash equivalents in teh end of September 2010 was IDR970.01 billion.On the official website of Indonesia Stock Exchange, the latest MKBD value of Danareksa Sekuritas was IDR503.84 billion.Meanwhile, BPUI in the end of 2009 was seemingly to score a net income of IDR129.3 billion and Rp49.8 billion in 2008. The latest MKBD of Bahana Securities was IDR269.67 billion."The question is whether bahana has ready cash if it has to swallow the Garuda's shares as the portion it fully guarantees, which is IDR1.32 trillion," said the source.Position of Mandiri Sekuritas is also at stake if it has to absorb the unsold stocks of Garuda, unless there is a loan. The latest MKBD value of Mandiri Sekuritas as recorded at IDX was IDR148.45 billion."It is difficult to seekbank that is ready to provide bail out for purchasing Garuda's stocks. The only way out is to seek loan using repurchase agreement by pawning Garuda's stocks."Besides risk ahead of listing on Friday, February 11, some parties think the price of GIAA on first trading day will not perform as expected.Yet, said analyst PT Madani Securities Dadan Syarifudin, Garuda's underwriters will not let the stocks fall.He admitted the market is bearish yet on the first trading day Garuda's shares will not copy the bad stories in listings of PT Martina Berto Tbk and PT Megapolitan Development Tbk that were closed in red zone.Analyst at PT Universal Broker Indoensia Satrio Utomo said that investors can not expect for higher gain in Garuda's IPO as happened in IPO of Krakatau Steel. "In fact the market is volatile. The important thing is Garuda's shares to list first at the stock market, so that the performance will be better, as many will supervise it," he said. (T04/NOM)

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