JAKARTA – PT Bersama Mencapai Puncak Tbk (BAIK) has seen its share price drop by 78.41% since its initial public offering (IPO) on February 15, 2024. As of Monday (17/2), the stock price had risen by 3.33% from opening bell, reaching IDR 62 by 3.47 PM WIB.

According to data compiled by IDNFinancials on Monday (17/2), the restaurant operator, known for its Ayam Goreng Nelongso brand, recorded a cumulative drop in share price from IDR 278 at the time of the IPO to IDR 60 per share by Friday (14/2).

On that day, 230,700 shares were traded in 50 transactions, totalling IDR 13.88 million, with a market capitalisation of IDR 67.5 billion.

At the time of the IPO, the company offered 225 million shares, representing 20% of the total issued and paid-up capital post-IPO.

The target funds from the corporate action were IDR 62.55 billion, with plans to allocate 65.69% for operational expenditure, 21.37% for outlet and warehouse renovations, 9.64% for extending old outlet leases, and the remaining 3.30% for purchasing machinery and operational vehicles.

By late Monday (17/2), the stock price had risen by IDR 2 to a peak of IDR 62 from IDR 60 per share. Despite fluctuations, the stock was traded at its lowest level of IDR 60 per share. (LK/ZH)