Arsy Buana Listing, Shares Of This Hajj Travel Issuer Increase 10 Percent

Share illustration (Photo: Doc. Antara)

JAKARTA - PT Arsy Buana Travelindo Tbk (HAJJ) officially listed its initial public offering (IPO) on the Indonesia Stock Exchange (IDX). This new issuer received fresh funds of up to IDR 96.19 billion.

From the monitoring, HAJJ's shares at the close of the first trading session rose Rp14 or 10 percent to Rp154 per share. The trading frequency reached 10,050 times with a trading volume of 1.29 billion.

President Director of HAJJ Saipul Bahri said that the company's IPO offered as many as 687.10 million shares or 29.99 percent of the issued and fully paid capital after the IPO, so that the company managed to raise funds of Rp. 96.19 billion.

During the public offering period, he explained that the company recorded an excess of requests or oversubscribed around 33.14 times, with the number of stock customers as many as 15,717 parties spread from 34 provinces in Indonesia and from five foreign countries.

The company's stock buyers engaged in the services of this religious travel accommodation provider for Umrah pilgrims are dominated by 15,709 individual investors, and the remaining 8 institutional investors.

He revealed that around 60 percent of the IPO proceeds will be used by the company for plane ticket reservations, and the remaining 40 percent for hotel room slot reservations.

With the IPO, Saipul said HAJJ will strengthen and expand the company's reach by increasing investment in the provision of more varied accommodation at competitive prices.

The potential for Umrah and Hajj pilgrimages in Indonesia itself is very large because the number of Muslims reaches more than 200 million. This certainly makes HAJJ's business prospects very promising and bright in the future," said Saipul quoting between.

On the same occasion, President Director Surya Fajar Sekuritas Steffen Fang conveyed that the excess demand for HAJJ IPO is a reflection of investor confidence in the company's condition, as well as confidence in the potential for business growth in the future.

"Oversubscribed shows investor confidence in a large market potential, especially now that the company is the first recorded travel accommodation provider on IDX which has a business focus on providing accommodation for Umrah travel," said Steffen.

The government of Saudi Arabia as the authority maker of Umrah worship activities continues to provide support so that the number of pilgrims departing to carry out worship continues to improve with easy administrative requirements, facilities, and infrastructure.

This is in line with HAJJ's vision to become a company providing tourism travel services and religious travel that is trustworthy, professional, and reliable that is able to provide benefits to the wider community.