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NH Investment & Securities manages its second IPO in Indonesia

2018.07.13 09:28:23 | 2018.07.13 09:31:43
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Officials pose after NH Korindo Sekuritas managed the IPO of local firm PT Sinergi Megah Internusa Tbk on Indonesia Stock Exchange on Thursday, local time. [Photo provided by NH Investment & Securities Co.]

Officials pose after NH Korindo Sekuritas managed the IPO of local firm PT Sinergi Megah Internusa Tbk on Indonesia Stock Exchange on Thursday, local time. [Photo provided by NH Investment & Securities Co.]

South Korea’s NH Investment & Securities Co. has successfully led its second initial public offering of an Indonesian firm on the Southeast Asian country’s bourse.

The Korean company said PT Sinergi Megah Internusa Tbk, owner of Lafayette Boutique Hotel in Yogyakarta, Indonesia, made a successful debut on the Indonesia Stock Exchange (IDX) on Thursday after its Indonesian unit NH Korindo Sekuritas had led the IPO over the last few months as its underwriter. The listing was the Korean brokerage house’s second IPO in the Southeast Asian country after it successfully managed the listing of another Indonesian company, Sriwahana Adityakarta, in June.

The IPO price for Sinergi Megah Internusa was set at 150 rupiah ($0.01) per share, and the company expected to raise about 15 billion won ($13.3 million) from the IPO.

An unnamed official from NH Investment & Securities said that investors’ appetite for Sinergi Megah Internusa shares was so strong on the day of its debut that the shares skyrocketed by a daily limit of 70 percent.

In the Indonesian stock market, the cap for shares priced over 200 rupiah is 35 percent while those of higher prices 25 percent. The cap is double the initial offering price for shares on the day of debut.

NH Korindo Sekuritas plans to deal five or more IPOs of Indonesian companies by the end of this year and lead more bond sales, speeding up its effort to enhance its investment banking business in Indonesia.

NH Korindo Sekuritas was founded in 2008 as a joint brokerage entity after NH Investment & Securities acquired a stake in Korindo Group’s brokerage unit in the Southeast Asian country. The company, which launched financial operations in Indonesia in May, 2009, raised 1.9 billion won in ordinary income last year from stock brokerage service operations for institutional investors and expanded retail credit offering.

By Moon Il-ho and Lee Eun-joo

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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