Shares of heavy-lift solutions company Superkrane Mitra Utama (SKRN) gained 48.57% to Rp1040 in its trading debut this morning. It offered 300 million shares through the initial public offering (IPO) at price of Rp700 per share, representing 20% of its total issued and paid-up capital, to raising Rp210 billion proceeds.

The Company listed 1.5 billion shares on the Indonesia Stock Exchange (IDX), starting trading with market capitalization of Rp1.05 trillion. UOB Kay Hian Sekuritas, underwriter for this IPO, noted that at IPO price (Rp700), Superkrane’s EV/EBITDA reaches 4.2x based on estimated 2019 earning performance, or a 40% discount of its average sector’s 7x EV/EBITDA.