Jakarta. Sea transport company Pelayaran Kurnia Lautan Semesta enjoyed a positive market response during its first-ever trading day at the Indonesia Stock Exchange on Monday -- so enthusiastic of reception that its stock hit the limit-up rule.

Traded under the code of KLAS, Pelayaran Kurnia’s stock was up by 34.93 percent to Rp 197 during the opening of the trading day, from the initial public offering (IPO) price of Rp 146. 

The surge, however, activated the circuit breaker for individual stock which has a threshold of 35 percent for stocks priced at Rp 200 or lower.

The company sold 540 million shares or 24.94 percent of overall capital, generating fresh funds of Rp 78.84 billion ($5.3 million). It has appointed Panin Sekuritas as the lead underwriter.

“Praise be to God, we reached a new milestone today. Through this IPO we want to deliver positive impacts and consistently support the development of Indonesia’s maritime infrastructure,” Pelayaran Kurnia Chief Executive Officer Kurnyatjan Sakti Efendie said in a statement.

Snack producer Maxindo Karya Anugerah is the second company to debut at the IDX on Monday but its stock fell by 15 percent to Rp 85, triggering a suspension under the limit-down rule.

Maxindo sold 1 billion shares at the price of Rp 100 per share, appointing Shinhan Sekuritas Indonesia as the lead underwriter.

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