JAKARTA – A year after their debut on the stock market, two listed companies have recorded contrasting stock performance. PT Multi Spunindo Jaya Tbk (MSJA) saw its stock price grow, while PT Sinergi Multi Lestarindo Tbk (SMLE) experienced a decline.

Data compiled by IDNFinancials on Friday (10/1) shows that MSJA conducted an initial public offering (IPO) of 882.35 million shares at a price of Rp300 per share. The company raised Rp264.70 billion during the offering, which took place from January 3-8, 2024.

MSJA’s stock closed at Rp338 per share on Thursday (9/1), marking an increase of Rp38 or 12.66% from its IPO price of Rp300 per share.

In the early trading session on Friday (10/1), MSJA’s stock was recorded at Rp328 per share at 10:00 AM WIB, down slightly from its opening price of Rp338. However, the price remains above the IPO level.

For the record, the proceeds from the IPO were allocated for capital expenditures, working capital, and repayment of bank liabilities used for working capital facilities.

In contrast, SMLE's stock price dropped 34.85%, from Rp175 at its IPO to Rp114 per share as of yesterday (9/1). During the early trading session on Friday (10/1), SMLE’s stock further declined to Rp113 per share.

A year ago, SMLE issued 465.62 million shares at a nominal value of Rp10 per share. The IPO aimed to raise Rp81.48 billion, with the proceeds allocated for the purchase of a warehouse, the development of a research and development (R&D) laboratory, and working capital. (LK/ZH)