Trans Power's shares jump on trade debut

JAKARTA. Shipping company PT Trans Power Marine performed well on its trading debut on the Indonesia Stock Exchange (IDX) on Wednesday, with shares registering a 50 percent gain.

Shares in Trans Power Marine, traded under the code TPMA, were opened at Rp 300 apiece on Wednesday, a 30 percent jump from its initial public offering (IPO) price of Rp 230. The shares continued climbing up to touch Rp 345, a 50 percent surge, minutes later.

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 iron sand. (The Jakarta Post)