PGN share price up to Rp 1,600 in early trade
Monday, December 15 2003 - 02:43 AM WIB
Shares in state-owned gas utility PT Perusahaan Gas Negara (PGN)rose to Rp 1,600 (compared to its initial public offering price of Rp 1,500) in the first hour of trade after the shares were being listed on the Jakarta Stock Exchange Monday.
Some analysts have previously said that the share price could rise to between Rp 1,700- Rp 1,800 on its Monday debut as investors who missed out on subscriptions during the recent IPO look to buy the stock on its first day of trading.
PGN’s IPO of a 39 percent stake between Dec. 8 to Dec. 10, was 8.6 times oversubscribed.(*)