Initially on the Stock Exchange, Inocycle Technology Group Shares Directly Rise 49.6%

Initially on the Stock Exchange, Inocycle Technology Group Shares Directly Rise 49.6%

JAKARTA - PT Inocycle Technology Group Tbk (INOV) listed its initial public offering (IPO) on the Indonesia Stock Exchange, becoming the 28th issuer in 2019. So that the total number of companies listed on the stock exchange is 646 issuers. INOV, which is engaged in the artificial staple fiber industry and the non-woven industry, released its shares amounting to 608 million shares, with an offering price of IDR 250 per share. INOV is targeting IPO funds of IDR 152 billion. President Director InocycleJaehyuk Choi, said the company was able to book a net profit of Rp. 16.04 million or an increase of 5.1% (year-on-year). "This increase is in line with the increase in gross profit, operating profit and profit before tax, which amounted to 47,1%, 55,1%, and 9,4%," said Jaehyuk in Jakarta, Wednesday (10/7/2019). In its first debut, INOV rose 49.6% to the level of IDR374 from the offering price of IDR250 per share. The increase in INOV's share price at the start of trading was supported by the frequency of transactions twice with a transaction volume of 40 lots. So that the transaction value of the 29th issuer in 2019 reached IDR 1.5 million throughout today's trading. Source: https://economy.okezone.com