BY LINDA SILAEN AND I MADE SENTANA
JAKARTA—Shares of PT Garuda International plunged on their trading debut Friday, in a blow to Indonesian government officials whose hopes for a strong initial public offering by the airline were hurt by an aggressive price and poor timing.
The state-owned company's share price dropped 21% to 590 rupiah within several minutes of the start of trade. It ended the day at 620 rupiah, or 17% lower than the IPO price of 750 rupiah. The broader market rose 0.5%.
Garuda raised 4.8 trillion rupiah ($537 million) in its IPO last month after tepid response from both foreign and domestic investors.
Analysts ...
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