Garuda's IPO debut was 'smooth'

Garuda's IPO debuted on the Indonesia Stock Exchange on 10-Feb-2011 (The Jakarta Globe, 10-Feb-2011). President director of state brokerage firm and lead underwriter Danareksa Sekuritas, Marciano Herman, stated: "Garuda's IPO went smoothly according to our plan and procedures. It is successful by our own standards." Bahana would absorb USD33.6 million and Danareksa would absorb USD22.4 million, while Mandiri Sekuritas was successful in selling its shares as it deals with a number of institutional investors. Foreign agents UBS and Citigroup reportedly failed to sell most of the shares set aside for foreign investors. Total proceeds from the IPO are expected to be USD532 million, though reports said the total default order would be approximately USD58 million.