JAKARTA: The decline of PT Garuda Indonesia Tbk's stock in the initial listing was considered as a lesson learning that not all shares can manage to rise on its first trading day.Director of Trading and Membership of PT Indonesia Stock Exchange Wan Wei Yiong also saw the decline is reasonable.It can be a lesson learning that not all of IPO can manage to rise, although the state-owned company and the stocks are good, said Wei Yiong to Bisnis in the middle of initial listing of Garuda's stocks.The stock price of Garuda (GIAA) in the first trading session was opened at IDR700 or 50 points lower from IDR750.The third company which listed its name in Indonesia Stock Exchange (IDX) in 2011 disposed 6.34 billion shares to public.As much as 3.33 billion shares were absorbed by public and 3.01 billion were taken by the underwriters.Through the IPO, Garuda pocketed IDR4.75 trillion. From the IPO proceeds, Garuda got IDR3.3 trillion from the disposal of 4.4 billion new shares, while PT Bank Mandirt Tbk obtained IDR1.45 trillion from the release of 1.94 billion shares in Garuda.Meanwhile, the flag carrier recorded IDR16.98 trillion of market capitalization.Wei Yiong also said that the decline has no relation with the new underwriting provisions about adjusted net working capital (ANWC) realized in the regulation of Financial Institution and Capital Market Supervisory Agency (Bapepam-LK) NO. V.D.5 concerning Maintenance and Reporting of ANWC.The regulation was released in late 2010 and implemented to stretch the calculation of the underwriting process in the bond issuance and IPO.He also saw the risk of underwriting securities when its ANWC drops due to the large absorption in the Garuda's IPO is still reasonable thus securities companies also still have an obligation to keep secure the stocks every day.(T03/NOM)
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