Ace Hardware gain 19.5% on IPO

PT. Ace Hardware Indonesia Tbk listed in Jakarta Stock Exchange.

PT. Ace Hardware Indonesia Tbk, ritel company which focusing on DIY (Do It Yourself) tools offering 1.7 mill shares in JSX started on 6 Nov 2007. In the first day, investor who hold this stocks gain 19.5%. Opening with 820, and closed in 980.

PT. Ace Hardware Indonesia Tbk owned by PT. Kawan Lama Sejahtera. Through IPO, the company will get Rp. 422.3 billion which will use to expand its new outlets and pay the debts.

The company estimate can generate Rp. 855 billion in the end of year, it means increase 33.8% than last year. Mostly driven by Home improvement division which contribute 71% and lifestyle division 29%. They hope its sales increase 40.3% in 2008.


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