Shares of Medialoka Hermina (HEAL), operator of Hermina Hospital, lost 16.2% to Rp3,100 per share on its trading debut today, following market correction. Composite index of the Indonesia Stock Exchange (IDX) fell 1.3% to 5760 at 11.49 am Jakarta time.

Hermina offered 351.38 million shares through the initial public offering (IPO), priced at Rp3700 per share, raising total proceeds of Rp1.3 trillion. It started trading with market capitalization of Rp11 trillion.

Hermina will use 25% IPO proceeds for capex of subsidiaries, opening new hospital in Palembang, Samarinda, Padang, and other. Some 25% IPO proceeds will be used by Medialoka Investama, 38% for paying debt to Bank DBS Indonesia and MTN I Medialoka Hermina 2017, and the rest 12% is for operating expenses.