New Delhi: A cloud information service supplier partly owned by an Indonesian tycoon has delivered the world’s best-performing preliminary public providing this yr, leaping greater than 100 fold since its share float in January.
PT DCI Indonesia has soared 10,852% since its 150 billion rupiah ($10.5 million) itemizing on January 6. That makes the agency the highest gainer in Indonesia’s inventory market and the second-biggest contributor to the Jakarta Composite Index’s 12% achieve this yr.
DCI’s stellar efficiency is one other instance of the frenzied buying and selling in Indonesian know-how shares this yr, with a key gauge of the sector having surged practically 4 fold since its launch in late January. However, there’s warning about how a lot traders ought to learn into it given the inventory’s scant buying and selling and lack of analysis protection by brokerages.
“The data center industry is a beneficiary of the e-commerce and digital economy boom in Indonesia,” stated Henry Wibowo, head of analysis at JP Morgan Sekuritas Indonesia. Wibowo stated he does not cowl the corporate as a result of “the stock is not liquid.”
DCI is 11% owned by Indonesian billionaire Anthoni Salim, whose enterprise empire spans from meals to telecommunications to actual property.
The inventory’s sharp features have triggered periodic buying and selling suspension and an investigation by inventory trade officers into the agency for attainable manipulation of transactions earlier this yr.
The Indonesia Stock Exchange has accomplished the probe, the bourse’s transaction supervision and compliance director stated in written response to queries from Bloomberg News earlier this week, with out elaborating.
“Based on the results of the stock exchange inspection, there is no indication of any violations by the company,” DCI’s company secretary Nicholas Suharsono stated in written response to questions from Bloomberg.