Jakarta. Shares of Chandra Daya Investasi (CDIA), the infrastructure investment arm of petrochemical giant Chandra Asri Pacific and part of conglomerate Prajogo Pangestu’s business empire, extended their post-IPO rally on Monday, jumping 9.91 percent to hit the upper trading limit at Rp 1,830.

The surge came despite the stock being placed on the full call auction (FCA) special monitoring board by the Indonesia Stock Exchange (IDX) — a trading mechanism where stocks are only traded during scheduled auction sessions to curb excessive speculation and volatility.

CDIA shares saw a staggering 344.63 million shares change hands across 36,308 transactions, totaling Rp 630.7 billion ($38.44 million) in trading value — an extraordinary figure for a stock under FCA restrictions.

Since debuting on July 9, CDIA has skyrocketed 863 percent from its IPO price of Rp 190, pushing its market capitalization to Rp 228.4 trillion, making it the 13th largest publicly listed company on the IDX by market value. The company has now overtaken its affiliate, Petrindo Jaya Kreasi (CUAN), in market cap.

Despite the bullish run, Monday’s session showed signs of profit-taking. According to Stockbit Sekuritas data, the stock posted a net sell of Rp 446.5 billion, the highest among all stocks that day. Foreign investors also booked net sales of Rp 51.4 billion. Semesta Indovest Sekuritas recorded the largest net sell at Rp 128 billion, while Stockbit Sekuritas led the net buy side with Rp 130.3 billion.

CDIA raised Rp 2.37 trillion ($145 million) in its IPO, issuing 12.48 billion shares representing 10 percent of its enlarged capital. The offering was one of Indonesia’s most oversubscribed IPOs in recent years, attracting over 400,000 investors and oversubscription of more than 563 times.

The company focuses on infrastructure investments in energy, water, ports, logistics, and storage. Proceeds from the IPO will go toward expanding core operations and strategic infrastructure projects across Indonesia. Around Rp 871.8 billion is earmarked for logistics development, including capital injections into subsidiaries for fleet expansion. The remaining Rp 1.48 trillion will fund port and storage infrastructure, including tank facilities, ethylene pipelines, and support infrastructure in industrial zones.

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