JAKARTA: On their first trading day, PT Alkindo Naratama Tbk, PT Indo Straits Tbk and PT Sidomulyo Tbk closed rose by 11.11%, 5.26% and 6.67%.The increase occurred in the middle of decline at local and global markets. Jakarta Composite Index, yesterday, declined 1.44% to 3,938.02 amid almost entirely corrected global stock market.On yesterdays closing, Alkindo traded at IDR250 per share from initial price IDR225, Indo Straits at IDR1,000 from IDR950 and Sidomulyo at IDR240 from IDR225.IDX viewed such circumstance as a reflection of a brighter market condition, Director of Company Assessment Eddy Sugito told Bisnis.The momentum is good, that is why shares are increasing. We hope more companies will conduct IPO this second half.Erdikha Sekuritass Managing Director Tjiong Toni, as Alkindo Underwriter, believed the relatively affordable share price encouraged the strengthening of the companies initial trade.The initial price is a reflection of 9-folds P/E, lower than industrial P/E at 15-folds to16-folds.In IPO, Alkindo released 150 million ordinary shares at IDR225 per unit of which 70% was absorbed by retailers and the remaining by institutions.After managing Alkindo IPO, Edikha Sekuritas is eyeing another 2 IPOs in the second half. They are from service and real sector worth IDR300 billion-IDR400 billion. He refused to explain the detail.As Sidomulyo underwriter, PT Makinta Securities viewed the strengthening of company's shares in the debut triggered by local investors who dominate the purchase, Director of Corporate Finance Harry Kurniawan told Bisnis.Sidomulyo offered 237 million shares or 26.31% from the total paid-in capital.In contrary, PT Sinarmas Sekuritas, Indo Straits underwriter, was more focused on foreign investors as Indo Straits is more popular abroad.Indo Straits released 100 million shares to public, Sinarmas Sekuritass President Director Kokaryadi Chandra told Bisnis.Foreign investors manages 55% from the total share while the remaining by local investors. Straits Corporation Pte Lts manages 77.73% of Indo Straits share.Regarding operational performance, Sidomuyo obtained a new contract worth US$3 million from United States-based Conocco Philips. The oil transportation contract will due in 2 years.The contract is expected to finish after Eid al-Fitr with around 600-1000 bph production capacity.The company is also under the process to obtain a contract with England-based company Salamander, however, as it is still under negotiation the company could not detail the matter.The contract is probably around US$3 million with 3,000 bph production capacity. (15/18)(t05/msw)

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