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Jakarta, tvOnenews.com - PT Intra Golflink Resorts Tbk (GOLF), a resort and hotel management company, officially listed its shares on the Indonesia Stock Exchange (IDX) today. On its first day, shares owned by Tommy Soeharto's son surged up to 35 percent.
At the beginning of trading on Monday (8/7/2024), GOLF shares opened strong at Rp270, up Rp70 or 35 percent from their IPO price of Rp200. By the end of the first trading session, GOLF shares closed with a 26 percent gain at Rp252.
During the first trading session, GOLF's stock transactions were quite active, with 69,045 transactions involving 837.38 million shares worth Rp207.21 billion.
The surge in GOLF's stock price in its initial public offering (IPO) was evident due to high public investor interest during the public offering. In a pooling allotment specifically for retail investors, demand for GOLF shares exceeded supply by 27 times.
In its IPO, GOLF issued 1.95 billion new shares through an IPO, equivalent to 10.01 percent of the total issued and fully paid-up capital after the IPO at Rp200 per share. Thus, the total proceeds from the IPO amounted to Rp390 billion.
With the IPO price set at Rp200 per share, GOLF raised a total of Rp390 billion in fresh funds, intended for the company's expansion.
""After the IPO, we will aggressively expand for the development of infrastructure and ecosystems in the golf tourism sector. Our hope is for GOLF to become a pioneer and the top golf tourism destination of choice for both local and foreign tourists,"" said Darma Mangkuluhur Hutomo, President Commissioner of Intra Golflink Resorts, during the listing of GOLF shares on the Indonesia Stock Exchange, Jakarta, Monday (8/7/2024).
Darma Mangkuluhur Hutomo, who is the son of Tommy Soeharto, stated that GOLF has already begun initial construction for the 6-star Luxury Boutique Hotel and New Kuta Golf Villa projects in Bali. The investment required for these two projects is estimated at Rp586 billion and is expected to be completed by 2026.
He explained that 87.53 percent of the IPO proceeds will be used for capital injections into subsidiaries, namely PT New Kuta Golf and Ocean View (NKG), which will develop the 6-star Luxury Boutique Hotel at Hole 15-Th Cliff Hanger and New Kuta Golf Villa in the Pecatu Indah Resort area, Jimbaran Bali.
NKG will also acquire 11,332 square meters of land located directly in front of the hotel for the development of various supporting facilities. Additionally, approximately 5.34 percent will be used for capital injections into another subsidiary, PT Sentul Golf Utama (SGU), and the remaining 7.13 percent to fund the company's operational activities (opex).
Source: tvOnenews.com
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Update Saham
