JAKARTA – Stock performance of PT Lovina Beach Brewery Tbk (STRK), a company engaged in consumer goods’ sector, plummeted 50% a year after its debut in the stock exchange on October 10, 2023. Today’s (14/10) opening bell saw STRK idle at IDR 50 per share.
Based on IDNFinancials data, STRK was also closed at IDR 50 per share last Friday (11/10). It plummeted 50% from its initial public offering (IPO) price of IDR 100 per share. Transaction volume reached 4.25 million, recorded within 768 transactions worth IDR 212.81 million. Market capitalisation was reported at IDR 536.09 billion.
During IPO, STRK issued 1.18 billion shares of IDR 12 each. Setting the exercise price to IDR 100 per share, STRK managed to raise IDR 118 billion, 54.73% of which was allocated as extra capital for its subsidiary, PT Lovina Industri Sukses (LIS). Then, the remaining was utilised as its own working capital in relation to boost marketing programmes and brand awareness. (LK/ZH)