08 July 2013, STOCKS NEWS INDONESIA-Construction Firms Fall on Possible Budget Cut Plan

NEWS INDONESIA-Mestika, Multipolar Tech and Victoria soar on debut

Shares in three companies that listed on the Indonesian bourse on Monday gained more than 18 percent on their trading debut.

Lender Bank Mestika Dharma's initial public offering of 430 million shares raised 593 billion rupiah ($59.64 million). The shares were priced at 1,380 rupiah each.

Lippo Group controlled IT firm Multipolar Technology's IPO raised 180 billion rupiah from 375 million shares or 20 percent of its enlarged capital. The shares were priced at 480 rupiah each. Ciptadana was the underwriter for both these IPOs.

Financial holding company Victoria Investama's IPO raised 150 billion rupiah from 1.2 billion shares or 34.2 percent of its enlarged capital. The shares were priced at 125 rupiah each. AAA Securities was the underwriter for the IPO.

Indonesia has 21 companies listed on the Indonesian stock exchange this year, amid reduced appetite and downsizing capital raised due to global market volatility and pricey valuations.

Mestika Dharma shares rose 12.3 percent to 1,550 rupiah, Multipolar Technology jumped 50 percent to 720 rupiah and Victoria Investama soared 68 percent to 210 rupiah.

The Jakarta Composite Index was down 1.95 percent. ($1 = 9,942.5 rupiah) 1040 (0340 GMT) (Reporting by Andjarsari Paramaditha; Editing by Supriya Kurane)