[Photo provided by NH Investment & Securities Co.]
South Korea’s NH Investment & Securities Co. said the third initial public offering it has lead-managed in Indonesia - PT MD Pictures Tbk, Indonesian motion picture company - was a success, with the stock gaining by its maximum ceiling of 50 percent on its first trading day.
MD Pictures whose IPO was led by the company’s local unit NH Korindo Sekuritas debuted Tuesday on the Indonesian stock exchange at 341 rupiahs ($0.02) per share, 50 percent higher than its IPO price of 210 rupiahs. MD Pictures offered total 1.3 billion shares, which is equivalent to 13.75 percent of its paid capital, and raised 274.63 billion rupiahs.
In the Indonesian stock market, the ceiling for shares priced over 200 rupiah is 35 percent and that of higher price is set at 25 percent. On the debut day, the stock can gain up to 50 percent.
MD Pictures is Indonesia’s No.1 motion production house. Last year, it produced 10 movies that attracted total 7 million viewers. Its affiliate MD Entertainment also is the Southeast Asian country’s top television programs producer.
NH Investment & Securities entered Indonesia in 2008 through a joint venture NH Korindo Sekuritas that it set up by acquiring a stake in Korindo Group’s brokerage unit in the Southeast Asian country. NH Korindo Sekuritas started operation in May 2009 and raised 1.9 billion won ($1.7 million) in ordinary income last year from brokerage services for institutional investors and consumer credit services.
The company underwrote three IPO deals, including MD Pictures, in the Southeast Asian country after it successfully listed packaging material maker Sriwahana Adityakarta in June. It plans to arrange five or more IPOs of Indonesian companies by the end of this year.
By Moon Il-ho and Cho Jeehyun
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