INET Becomes 50th Company To Be Listed on Stock Exchange This Year

Jakarta Globe are reporting that Sinergi Inti Andalan Prima (INET), also known as Sinergy Networks, a B2B internet provider, was officially listed on the Indonesia Stock Exchange (IDX) on Monday, becoming the 50th company to do so this year.

It recently held an initial public offering by issuing 1.5-billion new shares at a price of IDR 101 per share.

“Today is a crucial moment for us and potential investors who are eager to take part in the journey to ‘digital Indonesia’,” INET Chief Executive Officer Muhammad Arif said.

During its trading debut in the secondary market Monday morning, INET shares opened 34.65 percent higher to Rp 136, activating the circuit breaker set at 35 percent for share prices between Rp 50 and Rp 200, report Jakarta Globe.

Jakarta Globe say that hitting the limit-up rule is considered a positive outcome for debutants on the IDX.

During the first 30-minutes after the market opening, INET shares were traded more than 24,000 times amounting to IDR 416-million (approx. USD 27,700) in value.

Prior to the IPO, 99.99-percent of INET shares were owned by Abadi Kreasi Unggul Nusantara, with an individual named Muhammad Arif holding the remaining 0.01 percent, say Jakarta Globe.

Source: Jakarta Globe

Photo by Ruben Sukatendel on Unsplash

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