JAKARTA: Shares of initial public offering PT Star Petrochem Tbk opened 36.27% higher than its offering price of IDR139 on its first trading day at the Jakarta Stock Exchange this morning.Star Petrochem, trading company of petrochemical, yarn, and cotton, has set the initial public offering (IPO) price at IDR102 per share, enabling the company to raise IDR204 billion proceeds.Star Petrochem sold 2 billion new shares or 51.5% of its enlarged capital in the IPO helped by PT Andalan Artha Advisindo Sekuritas as its underwriter. The company also issued 980 million of series I warrants to investors for free. Each holder of 200 shares entitled 98 shares with the exercise price of Rp102.Star Petrochem will use IDR125 billion of the proceeds to boost capital in its subsidiary, IDR10 billion for capital injection in PT Star Asia Indonesia, IDR5 billion for working capital and IDR60 billion will be used to settle bank loan facility to PT Bank Capital Indonesia Tbk.PT Premium Indonesia owned 48% stake in Star Petrochem and PT Premium Mandiri held 0.5%. Ronny L. and Hennyta Setianingsih owned 99.99% and 0.01% stake in Premium Indonesia. Hennyta is acting as a commissioner at Premium Indonesia and Sigit Ary Pamungkas as a director. (msw)

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