JAKARTA: Amid the pressure on stock price of PT Garuda Indonesia (Persero) Tbk (GIAA), which reached IDR590 at closing of Mondays trading from IPO level at IDR750, Minister of Finance Agus D.W Martowardojo thought that the disappointment in the initial public offering (IPO) of the state-owned airline was caused by lack or arrangement before the action.The Minister viewed that Garuda should have done a better preparation before the IPO, including completing a reverse stock. Regardless of all, Garuda has become a public company whose performance is expected to improve after the IPO.Garuda could have done a better preparation before the IPO. For example, making a reverse stock split, he said on Monday.In IPO, Garuda offered 6.34 billion stocks, or 27.89%, that included 4.40 billion new shares and 1.94 billion shares belonging to PT Bank Mandiri Tbk. According to the agreement, three underwriters were committed to guarantee 6.34 billion shares worth as much as IDR4.7 trillion.Those three underwriters and its affiliation were obliged to absorb 3.01 billion shares. Meanwhile, public investors absorbed 3.33 billion shares through pooling and fixed allotment.I think that the main task of the underwriters is to guarantee. It means that they must absorb. The must have the strategy to reduce the burden. And in business world, there are times when we gain and lose, the minister said.However, Agus still encouraged other state-owned companies to conduct IPO once they are assumedly appropriate to go public. Basically, the government will not hinder other state companies willing to make IPO as long as the preparation is well done, so the result will be optimal.For example, plantation, pharmacy, contractor companies may all be encouraged making IPO.Agus reminded that the process of offering shares to public could not defy from market price. Moreover, public opinion of the price in IPO should also be considered. If the price is above IDR500 or around IDR500, public will think it is too cheap.Keep tumblingAt trading on Monday, the stock with code GIAA kept plunging to close at IDR590, far below the level at opening. The stock was traded between the price range of 610-590.Head of Equity Sales Batavia Prosperindo Sekuritas Gurasa Siagian said that cut loss is predicted to dominate the trading of this state-owned airline, because most investors trade are only for short term.By choosing the cut loss option, investors can avoid bigger loss, he said yesterday.Big investors, as he added, are predicted to stay until the shares whose market capitalization reached IDR13.36 trillion recovers. The reason was that big investors are in long-term maturity.Gurasa thought that Garuda stock can be boosted, considering the catalyst of improving performance of financial report. He said that the catalyst of the airline, with second-biggest market share after Lion Air, was not too promising. (t04/wiw)
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