Barito Renewables Hits Limit-Up Rule on Market Debut
Jakarta. Barito Renewables Energy (BREN) stock experienced a surge during its debut on the Indonesia Stock Exchange, reaching the limit-up rule on Monday.
At the opening, the price of BREN shares soared by 25 percent to Rp 975, triggering an automatic halt in trading. According to the IDX, the limit-up rule is set at 35 percent for share prices between Rp 50 and Rp 200, 25 percent for share prices above Rp 200 to Rp 5,000, and 20 percent for share prices higher than Rp 5,000.
Barito Renewables, primarily focused on electricity utilities, recently conducted an initial public offering (IPO) by issuing 4 billion shares, raising Rp 3.13 trillion in fresh capital.
The number of investors has grown significantly, exceeding 58,500, compared to just four individual shareholders before the IPO.
During the IPO, Barito Renewables shares were oversubscribed 135 times, as reported by BNI Sekuritas, which acted as the underwriters.
Barito Renewables became the 69th company to be listed on the IDX so far this year.
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