Dua Putra plans to spend about Rp 200 billion building a new cold-storage facility and investing in equipment, as well as Rp 130 billion buy a purse seine fishing boat. (SP Photo/Ruht Semiono)

Fish Processor Dua Putra Soars on Stock Exchange Debut

BY :VANESHA MANUTURI

DECEMBER 08, 2015

Jakarta. Fish-processing company Dua Putra Utama Makmur's shares surged 20 percent on its trading debut, indicating a healthy appetite for businesses in the fisheries sector, which the government had prioritized in its development push.

The company offered 1.67 billion new shares, equivalent to some 40 percent of its total equity, at a price of Rp 550 each, raising up to Rp 918.5 billion ($66.6 million).

The share price reached Rp 660 when the market opened on Tuesday, up 20 percent from the offering price and bucking the main stock index's 0.5 percent decline.

"We are proud to be the first integrated fishery company to list on the Indonesia Stock Exchange in the past 15 years," Witiarso Utomo, the Dua Putra president director, said in Jakarta on Tuesday.

The company's IPO was oversubscribed by 10.56 times, with most of the interest coming from local investors. Foreign investors accounted for a third of the shares sold.

DBS Vickers Securities Indonesia, Sucorinvest Central Gani and BNI Securities were joint underwriters for the IPO.

Dua Putra plans to spend about Rp 200 billion building a new cold-storage facility and investing in equipment, as well as Rp 130 billion buy a purse seine fishing boat. The remaining funds from the IPO will be allocated as working capital.

Dua Putra is the 15th company to list its shares on the local stock exchange this year.

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