JAKARTA -- Shares in the state-backed manufacturer of precast concrete, Waskita Beton Precast, jumped 10% to close at 540 rupiah on their debut on the Jakarta stock exchange on Tuesday, as investors picked up the stock on expectation that the company would benefit from the government's infrastructure push.
Waskita Beton raised 5.16 trillion rupiah ($392 million) from an initial public offering, Indonesia's largest this year, through the sale of 40% of its shares. The deal priced at 490 rupiah, near the top of the marketed range of 400-500 rupiah.
