Jakarta. Shares of Chandra Daya Investasi (IDX: CDIA) surged nearly 35 percent in their trading debut on the Indonesia Stock Exchange (IDX) on Wednesday.

The infrastructure investment arm of petrochemical company Chandra Asri Pacific (IDX: TPIA) opened at Rp 190 and climbed to Rp 256, hitting the exchange’s upper trading limit as investors rushed to secure a stake.

The IPO raised Rp 2.37 trillion ($145 million) through the sale of 12.48 billion shares, representing 10 percent of CDIA’s enlarged capital. The offering saw overwhelming investor interest, with orders oversubscribed by more than 563 times and participation from over 400,000 investors, according to President Director Fransiskus Ruly Aryawan.

“We extend our deepest appreciation for the trust shown by investors, reflected in the unprecedented demand during our IPO,” Ruly said during the listing ceremony in Jakarta. “To our knowledge, CDIA’s oversubscription may be the highest recorded on the Indonesia Stock Exchange to date.”

CDIA invests in infrastructure sectors including energy, water, ports, storage, and logistics. Proceeds from the IPO will be used to strengthen the company’s core capabilities and fund the expansion of key infrastructure projects across Indonesia.

Of the total funds raised, around Rp 871.76 billion will be allocated for developing the logistics sector, including capital injections into subsidiaries for fleet expansion and operational needs. The remaining Rp 1.48 trillion will be used to expand port and storage infrastructure, including building tank facilities, an ethylene pipeline network, and supporting infrastructure within strategic industrial areas.

“We believe these sectors will be pivotal for the region’s growth, and this IPO will enable us to accelerate our role in supporting Southeast Asia’s economic development,” Ruly said.

CDIA is the 17th company to list on the Indonesia Stock Exchange this year, indicating continued investor appetite for infrastructure plays in Southeast Asia’s largest economy despite global market uncertainties.

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