Shares of paint producer PT Avia Avian Tbk (AVIA) ended higher to Rp790 last Thursday, but this represented 15% loss from its IPO price (Rp930) last December. Aggressive pricing led to Rp5.77 trillion proceeds from the IPO, more than enough to cover nearly Rp3 trillion of cash dividends paid out to Tanoko Family in 2020 and 2021. To subscribe please click here
