JAKARTA -- An initial public offering on the first trading day of 2021 was almost enough for the Indonesia Stock Exchange to match its most valuable listing during all of 2020 -- giving market investors hope for a strong year in Southeast Asia's largest economy.
FAP Agri, which runs 860 sq. km of oil palm plantations and processing plants, raised 1 trillion rupiah ($72 million) during the IPO on Jan. 4. The company rode soaring palm oil prices last year, buoyed by labor shortages in Malaysia and rising demand for soap and hand sanitizer precursors. It is also upbeat on government plans to expand the country's biodiesel program.