Trans Power?s shares gain 50% on trade debut

Shipping company PT Trans Power Marine performed well on its trading debut on the Indonesia Stock Exchange (IDX) on Wednesday, with its share price rising 50 percent at the close of the trading, The Jakarta Post reported on Thursday.

Shares in Trans Power Marine, traded under the cede TPMA, opened at Rp 300 (3 US cents) apiece on Wednesday, a 30 percent jump from its initial public offering (IPO) price of Rp 230.

The shares continued rising at the afternoon session and managed to close at Rp 345, a 50 percent surge in active trading.

The company offloaded 395 million new shares, or equal to about 15 percent of its enlarged capital. Trans Power Marine - the fifth company to enter the bourse since the beginning of the year - collected Rp 90.85 billion from the IPO.

President Director Daniel Wardojo said that funds raised from the IPO would be used to purchase new vessels to support the company?s business. Most of the company?s vessels deliver coal, sponge rotary kiln, clinker, wood chips and ironsand. (*)