Shares of Guna Timur Raya (TRUK), engaging in freight forwarding services, gained 49/57% to Rp344 per share in its trading debut this morning. It offered 150 million shares through the initial public offering (IPO), priced at Rp230 per share. At IPO price, it started trading on the Indonesia Stock Exchange (IDX) with market capitalization of Rp100.05 billion.
TRUK listed 435 million shares on IDX. It raised IPO proceeds of Rp34.5 billion, used to purchase 70 units of trucks to increase capacity of freight forwarding. It booked net profit of Rp1.43 billion on revenues of Rp35.8 billion in 2017. Its assets reached Rp58.7 billion while liability amounted Rp16.47 billion.