Shares of property developer PT Ayana Land International Tbk (NASA) gained 69.9% to Rp175 on trading debut today, compared to its IPO price of Rp103 per share. The Company has issued 3 billion shares through initial public offering (IPO), representing 27.7% of total issued and paid-up shares capital. The IPO is said to be oversubscribed by 110 times.  The Company will use 25% IPO proceeds as capital injection in subsidiary, PT Ayana Hotels Indonesia (AHI) and 75% for capital placement in other subsidiary, PT Ayana Property International. Ayana’s projects are such as Greenhost Boutique Hotel, Ayom, and Bale Ningrat.