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JAKARTA. Movement of Stock Price Index (CSPI) that fluctuate quite some time later lead underwriter (an underwriter) must prepare a number of strategies in conducting an initial public offering (IPO). One is Greenshoe. For your information, Greenshoe is a right for the underwriters to increase again the number of shares to be released to the public. Generally, the number of shares Greenshoe must not exceed 15% of total primary shares that will be released.
As one of the purposes of this release Greenshoe shares is to stabilize prices in the implementation of the IPO. Party underwriters expect, giving Greenshoe this will make investors feel secure in investing in the IPO offer.
Director of Investment Banking of PT Mandiri Securities Iman Rachman said, the implementation of the Greenshoe option is not triggered by fears of the issuer. However, the underwriters will look at the belief there is excess demand from investors. On the basis of that belief, underwriter price stabilization provides an option to investors.
"But keep in mind is in providing Greenshoe option to investors, underwriters see the extent of investor demand for IPO shares offered. If the demand from investors are not able to exceed the number of shares offered, then of course Greenshoe options can not be excluded due to publish Greenshoe funds derived from funds obtained from the absorption of stock investors, "he explained.
Price stabilization
In addition, the implementation of the Greenshoe stock is absorbed by the underwriters of shares released by the investors who caused the stock price is below the IPO price. Another viewpoint of the investor when he saw the release of shares Greenshoe is the presence of price stabilization options investors will have more confidence to invest in the IPO shares are offered for the stock price will be maintained in order not to fall too deep.
Well, lately, a number of underwriters began offering this option in the implementation of the IPO. For example, along with PT Mandiri Securities Macquarie Capital Securities Indonesia is handling the IPO of PT ABM Investama. Mandiri Securities and Macquarie provide Greenshoe option as much as 9.99% or 55.06 million shares of the total shares offered in the IPO. ABM Investama itself off 20% of its shares to the public.
President Director of Macquarie Capital Benny Surjadharma revealed Greenshoe option granted is standard and normal procedure done during an IPO.
Investama ABM is both an issuer's option price stabilization in this year following a similar move made Atlas Resources Tbk PT.Stabilization of prices given the option of Atlas Resources to the public about 4%.
Managing Director of Securities Indopremier Moleonoto The IPO is the underwriter of Atlas Resources confirms Greenshoe deals are common. "We're along with PT UBS Securities Indonesia, and the company management is intended to make an IPO can be run successfully. We are optimistic will be able to make it happen. It has become commonplace if the implementation can be offset by the IPO price stabilization options to support the success of the implementation of the IPO, "said Moleonoto.
Atlas Resources itself officially registered as issuers to 18 who perform initial stock listing in 2011. Total emissions of issuers that do listing premiere at this year amounted to 13.33 trillion rupiah.
IDX president director Ito Warsito looking in investing in the IPO shares, investors should not rely on price stabilization, but should more look to the valuation price of the shares being offered."Investment Horizon Investors also do not need to see daily, but rather the short and long term, say a year or more. We believe in the coming years all sectors will grow along with the pull Indonesia's economy, "he added.
source: investasi.kontan.co.id
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