JAKARTA: Three joint lead underwriters (JLU) for the initial public offering of PT Garuda Indonesia (Persero) Tbk (GIAA) invisibly has lost IDR130 per share or IDR390 billion at the first day of listing.In fact, the GIAA-coded stocks were closed down 17.33% to IDR620 from initial price. As the result, three JLU namely Bahana Securities, Danareksa Sekuritas and Mandiri Sekuritas that absorbed 3.01 billion of unsold Garuda shares at IDR750 or equivalent to IDR2.25 trillion, has lost IDR390 billion of the stock value."Of the 3.01 billion shares of Garuda that forced to swallow by the three JLUs, this divided equally, so that one JLU absorb 1 billion shares. When prices fell by IDR130, the three JLUs lost IDR390 billion. I do not know exactly how much the loss suffered by 53 brokers who joined in syndication," said a source who knows the deal to Bisnis this afternoon.In the IPO, Garuda sold 6.34 billion shares or 27.89% consist of 4.40 billion new shares with B series and 1.94 billion shares belong to PT Bank Mandiri Tbk.In accordance with the full commitment in the underwriting agreement, three JLUs undertakes to underwrite 5.23 billion shares of Garuda or worth IDR3.92 trillion.If 3.01 billion of Garuda shares forced to swallow by three JLUs or its affiliation, it means only 2.22 billion shares or IDR1.66 trillion that purchased by public investor.As much as 3.33 billion shares of Garuda were absorbed by 11,068 public investors through pooling and fixed allotment.Garuda during the trading debut today dived the lowest level at IDR580 slumped by 22.66% and highest level at IDR700 fell 6.66% from initial price.Based on Bloomberg data, the net seller of Garudas stocks today were Mandiri Sekuritas with IDR28.61 billion, Panca Global Securities IDR22.56 billion, DBS Vickers Securities IDR18.05 billion, Samuel Sekuritas IDR17.18 billion and Sinar Mas Sekuritas IDR8.59 billion.The biggest net buyer of Garudas stocks led by Valbury Asia Securities with IDR48.78 billion, eTrading Securities IDR12.36 billion, Deutsche Securities IDR10.55 billion, Danareksa Sekuritas IDR10.06 billion and Trimegah Securities IDR9.99 billion.The underwriters of Garudas IPO were Bahana Securities, Danareksa Sekuritas and Mandiri Sekuritas also assisted by 53 brokers joined in underwriting syndicate. (t06/wiw)

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