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Economy

Soured IPO spells trouble for Indonesia's infrastructure drive

Weak investor appetite for state contractor casts doubt over $37bn funding gap

A screen at the Indonesia Stock Exchange in Jakarta shows the decline in PP Presisi's stock price during its trading debut on Nov. 24. (Photo by Wataru Suzuki)

JAKARTA -- After a round of energized speeches by PP Presisi executives, the crowd was in high spirits. They were gathered at the Indonesia Stock Exchange building's stylish hall on Friday morning to celebrate the stock trading debut of the state-owned contractor.

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