Jakarta. Snacks company Gunanusa Eramandiri (GUNA) officially listed its shares on the Indonesia Stock Exchange (IDX) on Tuesday. GUNA’s shares opened with a surge, soaring 34.67 percent to the upper limit of the auto rejection (ARA) at Rp 202.

As of the first five minutes of trading, buy orders at Rp 202 had piled up to 1.77 million lots, with no sell orders in sight.

The initial public offering (IPO) price for GUNA’s shares was set at Rp 150 per share, with a total of 2.5 billion shares listed, giving the company a market capitalization of Rp 375 billion.

The company’s price-to-earnings ratio (PER) is 4.84x, and its price-to-book value (PBV) is 0.55x.

The company highlighted that the PER is significantly lower than the food and beverage industry average of 14.84x. Similarly, the company’s PBV, calculated using the book value as of December 31, 2023, is 0.55x, also lower than the industry average of 1.58x.

"This indicates that the company’s shares are offered at an attractive valuation compared to similar companies," stated Gunanusa’s management.

Gunanusa Eramandiri (GUNA) is a national company specializing in processed nut snacks, founded by Tjokro Gunawan, who has extensive experience in the nut snack industry since 1993 in Cikarang.

Initially, the company focused on producing high-quality peanuts in a 1,000 m² factory. Over time, GUNA expanded its business by acquiring several companies and launching new business lines to support its operations and produce various types of nuts.

For more than two decades, the company has concentrated on the nut processing industry, continually adding new nut categories produced in three factories totaling 14,885 m² to serve markets in various countries.

All funds raised from the IPO, after deducting issuance costs, will be used for the company’s working capital, such as financing operational needs, including the purchase of raw materials like almonds and peanuts.